He will become a member of the companys Operating Committee. Since 2015, Kennedy has held several roles at Santander Bank and most recently was the companys chief operating officer and director of Change Management. His experience, knowledge, and energy will be welcome as we continue our transformation, said Scharf. He will report to CEO Charlie Scharf and serve on the companys Operating Committee. His go-go approach improved Chases loyalty while eliciting none of the abuses seen at Wells. Since Wells foundered because of a hyper-aggressive sales culture, its interesting that Scharf throughout his banking career has successfully championed growth. Dimon and Scharf knit the diverse parts together, helping to minimize back office costs. You are leaving wellsfargo.com/stories and He began his career at Smith Barney, where he held a variety of roles including as co-head of the Strategy and Finance team for the brokerage division. June 22 Scharf announces that Barri Rafferty will join WellsFargo as Head of Corporate Communications and a member of the Public Affairs leadership team. The family of four spend their time in their luxurious house in Westchester, New York. Oct. 21 Charlie Scharf officially joins as CEO and president of WellsFargo and outlines his 10 guiding leadership principles, which underscore WellsFargos responsibility to operate with the highest standards of integrity and fulfill commitments to a broad range of stakeholders. (Suggested read: Morgan Stanley CEO Email & Net Worth James Gorman), Your email address will not be published. Your email address will not be published. In May, Mike Weinbach will join as CEO of Consumer Lending,which includes many of the products WellsFargos customers interact with most closely from home and auto loans to personal lines of credit. 1 priority remains building out the risk and control environment that will ultimately allow us to meet our regulatory obligations. The chairman revealed that his He also found fresh avenues for growth. Previously at Chase he held leadership roles across Consumer Banking, Business Banking, Home Lending, and Auto Finance in sales, finance, branch management, and operations. We recognize that what we want and what regulators want are not different. Our work has tremendous impact upon people. Charles Scharf. Charles W. Scharf (born 24 April 1965) is an American businessman who was the chief executive officer of Visa Inc., and currently serves as the CEO of BNY Mellon and as a member of the Microsoft board of directors. LinkedIn has officially entered its cringe era, and its working. All rights reserved. March 13 Scharf announces that Ellen Patterson will join Wells Fargo as general counsel, overseeing all legal affairs as a member of the Operating Committee and reporting to the CEO. He said, In order to be a great employer, a great and involved partner in the communities where we operate, and contribute in meaningful ways to the growth of the U.S., we must be guided by delivering for our customers every day in a manner that will make us and our stakeholders proud.. Under this multiyear program, the company will invest in leading technology and create policies to create a consistent team member experience globally. The additions include a new chief financial officer; chief operating officer; CEO of Consumer Lending; CEO of Wealth & Investment Management; head of Operations; vice chair of Public Affairs; lead control executive; general counsel, and head of the newly established Strategy, Digital & Innovation team. But the news of broken sales practices kept coming. Fischer spent 14 years at JPMorgan Chase as chief financial officer of Card, Merchant Services & Auto Finance. May 29 Scharf announces an enhanced organizational structure to manage risk across the Company, including a new model with five line-of-business Chief Risk Officers reporting to Chief Risk Officer Mandy Norton. He brokered a lucrative new partnership with Chase. Mr. The decree will stay in place until what the Fed characterized as widespread abuses and other compliance breakdowns are fixed. WebHere are all of the characters from the book, Charlie and the Chocolate Factory and its films, Willy Wonka and the Chocolate Factory and Charlie and the Chocolate Factory. Their extended families reside on the East Coast. The next month, in November of 2017, the Department of Justice fined Wells for illegally repossessing cars from military personnel. His experience as the CFO of one of the other seven Globally Systemic Important Banks in the U.S. puts him in a unique position to have immediate impact on Wells Fargo. His innovations doubled credit card sales, and led to a big increase in one-stop-shop customers who added home equity loans and mortgages. Lester previously led significant operations functions for Deutsche Bank, Citibank, and Bankers Trust. Daley brings extensive experience in both the public sector and business, including serving as Chief of Staff to President Barack Obama and Secretary of Commerce in the Clinton administration. The consent submitted will only be used for data processing originating from this website. This expanded credit access was informed by ongoing engagement with the Mexican American Legal Defense and Education Fund (MALDEF), which helped give the bank valuable insight into the needs of young DACA individuals. I know many have worked hard on these efforts, but we have not yet accomplished whats required, and there is more difficult work ahead. His brother, Ben, along with Ben's wife and child died in a car accident shortly after he was He has acknowledged the mistakes that were made in the past and has made addressing WellsFargos regulatory requirements his top priority. He has a broad range of experiences in the consumer space and will be a great addition to our management team.. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the banks rivals. The board paid Scharf $24.5 million for his second full year atop Wells Fargo, up from $20.3 million for 2020, according to a filing Monday. His wife Amy E. Scharf and he have two daughters. Black has served as co-CEO of Bregal Investments, a private equity firm, since September 2012. At WellsFargo, Scharf has stressed urgency, accountability, and execution as what will drive the company forward. Barry is a proven leader with deep experience in wealth management. On Feb. 4, Michael Cleary joined as head of Sales Practices Oversight and Management, reporting to Chief Operations Officer Scott Powell, to ensure WellsFargo has the right policies and procedures in place to prevent and ensure customers have the necessary support when problems arise. Offers may be subject to change without notice. It is designed for consumers seeking an account to help manage their spending, or who are new to banking, such as young adults. March 10 Scharf announces that Wells Fargo plans to invest up to $50 million in African American Minority Depository Institutions. Additionally, he helped advance diversity and inclusion in the workplace by enhancing his divisions recruiting efforts to require more diverse candidate pools and interview panels, helping introduce diversity-focused training and retention programs, launching a formal mentoring program, significantly increasing diverse representation on his leadership team, and chairing the Retail and Direct Banking Diversity Council. (Podcast). After a six-month search, Charles W. Scharf, the former head of Visa and BNY Mellon, has officially begun his duties as Wells Fargos new CEO. The seriousness of what we do brings tremendous responsibility. The couches were red velour, he recalls. Shortly after the merger, Weill fired Dimon. Over a majority of the Boards independent directors joined the Board since January 2017, and the Board has rotated six of seven Board committee chair roles. But through Dimon, he learned to get the incentives right, and takes a Dimonesque, lets assume the worst will happen approach to risk. Scharf has also moved quickly to bring in a number of new senior leaders who have been tasked with making fundamental changes to improve the culture of the company. He also served as CFO of JPMorgans Securities Services & U.S. Under Hursts leadership, the company will further integrate sustainability and corporate responsibility into all aspects of its business and explore how to further utilize business expertise to help solve societal problems. Until April 2019, Sommers was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. In 2002, Scharf rose to head Bank Ones consumer franchise of 1700 branches. The new offering is a way for the company to help satisfy the financial needs of more customers and further expand access to mainstream banking services, said Mary Mack, CEO of Consumer and Small Business Banking. Black has more than 45 years of financial services experience, including at JPMorgan Chase & Co. where he served in leadership positions in its investment banking business. In early February, Scharf unveiled a flatter organizational structure for Wells Fargo, designed to provide leaders with clear authority and responsibility. By the close of 2018, its earnings had fallen eight percent to $20.7 billion. Ellen is a seasoned lawyer with extensive experience in the financial services industry, where she has had responsibilities for managing and advising on global legal and regulatory compliance risks, Scharf said. The formation of this group was part of the companys February 2020 organizational announcement. As part of the process, Charles H. Noski was named Board chair on March 9. In 2012, Scharf left the Dimon orbit to become CEO of Visa near San Francisco, the biggest issuer of Chase credit and debit cards cards. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. Most recently, Fischer was a senior advisor to the Aries Financial Group, responsible for consulting with Fortune 1000 companies in the banking, payments, and public utilities industries on mergers and acquisitions, business development, operations, and marketing strategy and execution. The scandal broke in September of 2016, when Wells disclosed that its branch managers and sales people had opened 3.5 million potentially unauthorized accounts for customers without their knowledge in order to pocket big bonuses. She will play a critical leadership role on our Operating Committee as we continue to work on our companys top priority of meeting regulatory expectations.. We all have to demand more from each other. Hes taking charge at the institution that in just three years has fallen from its pinnacle as the most prudent and arguably best managed of Americas Big Four banks, a group that also encompasses Bank of America, J.P. Morgan Chase, and Citigroup, to a severely tarnished, no-growth franchise thats hobbled by regulators and widely reviled by customers. Weinbach joins WellsFargo after 16 years at JPMorgan Chase where he was most recently CEO of Chase Home Lending. Scharf himself led both Visa and BNY Mellon. So why did you trade a great job for a jump into the unknown, and a pay cut, I asked. He has a demonstrated track record in leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. Prior to his time with JPMorgan Chase, Black worked at Citigroup Inc. and its predecessor companies. The bank created a platform called Chase Merchant Services designed to deliver creative rewards programs to merchants and customers, and as part of the deal, Visa won a 10-year agreement to process the electronic payments forming the backbone of the venture. All Rights Reserved. Heres what history tells usCharles Schwab on the lessons hes learned over a lifetime of investingThe 5 most valuable unicorns, according to their latest funding roundsPerformance chasingand why it can be perilous for your portfolioDont miss the daily Term Sheet, Fortunes newsletter on deals and dealmakers. An example of data being processed may be a unique identifier stored in a cookie. Under his leadership, the company has also helped nearly 194,000 businesses receive $10.5 billion in loans through the federal Paycheck Protection Program and donated approximately $400 million its total gross PPP fee revenue to nonprofits that assist small businesses. Muneera brings to our Controllers team deep knowledge and expertise that will help drive our continued transformation, said Chief Financial Officer John Shrewsberry. Kristy is a customer-first business leader with deep home lending experience. He joins Wells Fargo from BNY Mellon, where he was CFO since 2018. The Board has conducted a thoughtful, deliberate refreshment process. Scharf attended Johns Hopkins University for his Bachelors degree and New York University for an MBA. Kevin Reen, who most recently served as JPMorgans CRO for its Card Services business, will join Wells Fargo in August as CRO of Consumer Lending and will report to Norton. WeWork IPO filing withdrawn as roadshow leads to a dead endWhats the difference between a recession and a depression? For all the lessons hes absorbed from Dimon, Scharf brings a less emotive, more deliberative style to leadership. Williams will report to CEO Charlie Scharf and serve on the companys Operating Committee. Prior to joining Visa Inc., Mr. Scharf spent nine years at JPMorgan Chase as the Chief Executive Officer of Retail Financial Services, one of JPMorgan Chase's six lines of business, and a major issuer of Visa branded cards. Feb. 11 Scharf forms the new Corporate Strategy, Digital Platform & Innovation team to enhance the companys focus on planning for the digital future and investing in the customer experience. He also announced an enhanced risk management structure with five line-of-business chief risk officers reporting to Chief Risk Officer Mandy Norton and a new head of the Operational Risk Management team. Click or tap to learn about the new leaders at Wells Fargo >>. Santos joins Wells Fargo from Capital One, where he worked for 15 years in a number of senior roles, most recently as president of Retail and Direct Banking, accountable for the divisions revenue, product development and marketing, branches and ATMs, and operations. April 27 Scharf announces that Lester Owens will join the COO leadership team as Head of Operations, a new role responsible for building integration across Wells Fargos business operations functions serving on the Operating Committee. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more than most of the banks rivals. I have worked with Ray for many years, both at JPMorgan Chase and when I was at Visa, Scharf said. In 2016, he shocked the financial services world by departing at age 51. Kleber brings a unique set of leadership and business skills that, combined with his experiences driving diversity and inclusion outcomes, will enable us to drive meaningful change throughout the organization and better serve our diverse customer base and underserved communities, Scharf said. A strong advocate for diversity and inclusion, Hurst has a proven track record of being inclusive of diverse perspectives. Share this with Print now, opens print dialog. Nate brings a wealth of corporate citizenship, charitable giving, public affairs, and sustainability experience in the private, public, and nonprofit sectors to WellsFargo, said Bill Daley, vice chairman of Public Affairs at WellsFargo. Our work has tremendous impact upon people. Before that, he was CEO of JP Morgan Chases Retail Financial Services from 2004 to 2011. When he arrived, 50% of the branch managers were receiving bonuses of between $9000 and $18,000. Their extended families reside on the East Coast. On April 28, Steven D. Black was elected to the WellsFargo Board of Directors. He talked into this huge sqawk box like the one in Charlies Angels. In his new role at WellsFargo, Hurst will oversee the alignment of WellsFargossustainability and corporate responsibilityefforts with corporate philanthropy and community relations. Since its wide-ranging sales practices scandal first We look forward to having Nate continue to advance WellsFargos commitment to addressing the needs of underserved communities, particularly as we work to ensure housing security, small business stability, and consumer financial health in the wake of the pandemic.. With more than 24 years in the banking and payments industries including most recently holding the position of chairman and CEO of Bank of New York Mellon, and prior to that, CEO of Visa Scharf has a proven track record of initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape, said WellsFargo Board Chair Betsy Duke. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Clear Access Banking also has been certified by the Cities for Financial Empowerment (CFE) Fund for meeting its Bank On National Account Standards for safe and appropriate financial products that can help people enter or re-enter the mainstream financial system. Scharf, then 37, was a rising star at Citigroup as CFO of its Corporate and Investment Bank when he took a flyer by joining Dimon to spearhead a salvage operation at a laggard so broken that many on Wall Street reckoned it couldnt be fixed. He will be focused on creating a more diverse and inclusive working environment and partnering with Wells Fargos business leaders to deliver products and services specifically designed to meet the needs of diverse customer segments. Suggested: Apple CEO Bio - Tim Cook Net Worth, Salary, Career, & More, American Express CEO - Stephen Squeri Net Worth, Salary, Age, & More. In this role, Santos will be responsible for leading efforts to make the company a place where diversity is reflected at all levels and in every facet of the companys operations, processes, and programs. In four years, Scharf raised Visas stock price 135%, lifting its market cap by over $200 billion. I was the younger than almost everybody else by 20 years, Scharf noted in the NYU Stern School of Business alumni magazine, That helped me mature in business faster.. Prior to joining BNY Mellon, he spent 11 years at JPMorgan Chase in a number of key finance leadership roles, including CFO for Banking, which included Investment Banking (advisory and equity & debt capital markets) and Treasury Services. Prior to joining Flagstar, she spent 15 years with Fannie Mae, where she led the strategy and business performance of single-family customers in the western United States and also served in customer engagement and human resources roles. But in his new role, Scharf is the first Dimon protege to become a head-to-head rival. Scharf has built a leadership team composed of executives from inside and outside the company who have deep financial services experience and have turned around and run complex financial institutions. Wells Fargo & Co. raised Chief Executive Officer Charlie Scharfs pay 20% for 2021, a year in which profit recovered and shares advanced more Dimon hired Scharf as a part-timer while he was still at Hopkins, then as a bona fide employee when Scharf graduated in 1986. The retired vice chair and former chief financial officer of Bank of America joined Wells Fargos board in June 2019. This includes creating five principal lines of business to ensure clear authority, accountability, and responsibility. Prior to joining Santander Bank, Kennedy held numerous technology, risk management, and business operations leadership roles at Citizens Financial Group, Inc., and JPMorgan Chase & Co. She has hands-on operational experience leading disaster recovery and business continuity planning and a track record of executing and driving transformational change, Van Beurden said. Stumpf left a month later, replaced by 20-year Wells veteran Tim Sloan. FORTUNE may receive compensation for some links to products and services on this website. Santos will be responsible for leading efforts to make the company a place where diversity is reflected at all levels and in every facet of the companys operations, processes, and programs. Earlier this year, the company also announced plans to provide access to a suite of credit products to Deferred Action for Childhood Arrivals (DACA) recipients, beginning this year and continuing into 2021. As a senior at Johns Hopkins University in Baltimore, Scharf sent his resume to Dimon, then partnering with Weill and other renegades at a subprime lender in town called Commercial Credit that provided loans to miners, nurses and factory workers. He also spent time at Goldman Sachs in its asset management division. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. When Wells Fargo CEO Charlie Scharf announced in June the bank would aim to double Black leadership over the next five years and tie operating committee members' diversity efforts to their pay, the banking industry saw it as a cutting-edge line in the sand.. Jeanne Branthover, global head of financial services at headhunting firm DHR Continue with Recommended Cookies, After Gerald Hassells departure, Charles W. Scharf has been selected as CEO of American banking and financial services holding firm, BNY Mellon, in 2017. Cleary has an undergraduate degree from Princeton University and an MBA from the Amos Tuck School of Business at Dartmouth College. This integrated operations organization is designed to enable the lines of business to work more collaboratively and consistently across the company while ensuring the right level of oversight. Steves deep knowledge of the financial services industry and financial markets, as well as his expertise in strategy and solving problems gained from advising clients all over the world, will bring valuable insight to our board.. Wells Fargo CEO and President Charles Scharf, during the annual Milken Institute Global Conference, said he believes that the supply chain crisis will continue roughly six to 12 months longer. On Oct. 21, 2020, it was announced that Lipsitz would join the Chief Operating Officer (COO) organization as Chief Regulatory and Policy Affairs Executive. Share this with Email now, opens email program. 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