Wells Fargo has appointed several new business leaders and made changes designed to create a flatter line of business organizational structure and provide leaders with clear authority, accountability, and responsibility.
The new model has five line of business CEOs, each reporting to Wells Fargo CEO Charlie Scharf and represented on the company’s operating committee.
“These changes create the right structure to build our businesses over the long term and increase our ability to successfully execute on our top priority, which is the risk, regulatory, and control work,” said Scharf. “I am confident that this organizational model and our strengthened risk and control foundation will bring greater focus and accountability to the company.”
Effective immediately, the five line of business CEOs are:
- Mary Mack, who most recently led consumer banking, becomes CEO of consumer and small business banking, responsible for branch banking and small business, which includes the company’s 5,400 branches and delivers a full range of deposit, lending, investment, and payment products.
- Perry Pelos, who most recently led wholesale banking, transitions to a new role as CEO of commercial banking, with both relationship and product responsibilities in serving businesses with annual sales generally in excess of $5 million.
- Jon Weiss, who most recently led wealth and investment management, transitions to a new role as CEO of corporate and investment banking (CIB), which previously was part of wholesale banking. The creation of a separate business line for CIB, which focuses on supporting the capital markets, banking, and investment needs of Wells Fargo’s corporate, government, and institutional clients, recognizes the successful franchise the company has today and opportunities to serve the needs of clients more broadly.
- The company will conduct a search for a new CEO of wealth & investment management, and Weiss continues to serve in that role on an interim basis until that leader is named.
- Mike Weinbach, who most recently served as the CEO of Chase Home Lending at JPMorgan Chase, will join Wells Fargo in early May as CEO of consumer lending. In his new role, Weinbach will be responsible for home lending, auto, credit cards and merchant services, and personal loans.
Wells Fargo also is making fundamental changes to the way the company manages operations.
Separately, the company is creating a new strategy, digital platform and innovation group, reporting to Scharf and responsible for corporate strategy and its digital and innovation teams. The formation of this group positions Wells Fargo for the future by enhancing the company’s focus on planning for the digital future and investing in the customer experience. Powell is leading this group on an interim basis while the company conducts a search for the leader.