Doug Braunstein to Join Wells Fargo as Vice Chairman

Rhea-AI Summary

Wells Fargo & Company announced Doug Braunstein as Vice Chairman, bringing vast financial services experience from JPMC. He will enhance corporate finance and advisory businesses, advise senior management, and strengthen CIB. Braunstein's expertise spans $1 trillion in transactions and board advisory roles, signaling Wells Fargo's commitment to growth and excellence.

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC) today announced that Doug Braunstein will join the company as Vice Chairman, effective February 28. Braunstein brings a broad set of financial services experiences to Wells Fargo, with particular expertise in serving as an advisor to boards and CEOs on strategic alternatives. At Wells Fargo, Doug will work alongside our business leaders and bankers on growing the company’s corporate finance and advisory businesses, while also providing counsel to Wells Fargo senior management on broader business issues. He will report to CEO Charlie Scharf.

Wells Fargo Bank branch located in the Wells Fargo Center (Photo: Wells Fargo)

Braunstein joins Wells Fargo with more than 35 years of industry experience, including nearly two decades at JPMorgan Chase (JPMC), where he held several executive management roles, including Chief Financial Officer and Vice Chairman. He was previously Head of JPMorgan’s Americas Investment Banking, Head of Global M&A, and Global Head of Industry Coverage.

“Doug is a world-class banker, and he will work alongside the great team we have assembled in Corporate and Investment Banking (CIB) to continue growing it,” said CEO Charlie Scharf. “We have significantly strengthened CIB’s market position over the last several years, making significant investments in its industry coverage and product capabilities, adding more than 50 senior hires and winning significant new strategic mandates. The addition of Doug’s expertise and business relationships reflects our continued commitment to strengthen CIB even further. In addition, the breadth of Doug’s experience means he’ll be an effective advisor to Wells Fargo’s senior management team on business issues beyond client development.”

Doug Braunstein said, “I am truly excited to join Wells Fargo. I believe that Wells is uniquely positioned in financial services to build and broaden their client-serving lines of business, and I am excited to help grow the franchise. The benefits of combining capital and world-class execution with deep customer relationships makes me excited to work with the team. I’m also delighted to be working with Charlie and Wells Fargo’s management team more broadly. The company has made a tremendous amount of progress across multiple dimensions over the past five years, and I’m excited to continue to push that work forward."

In addition to his time at JPMC, Braunstein has been an advisor to numerous boards and management teams in the planning, structuring and implementation of the full range of corporate finance solutions and strategic alternatives. He has been involved in nearly $1 trillion in transactions throughout his career. Doug previously served as interim CEO of Talkspace, Inc. and on the boards of several public companies including Cantaloupe, Inc., Cardtronics plc, Corindus Vascular Robotics, Inc., Eagle Pharmaceuticals, Inc., and Talkspace.

Doug is a member of the Weill Cornell Board of Fellows, having recently completed 12 years as a Cornell University Board member, including serving as Vice Chair of the Board of Trustees. He also serves on Harvard Law School’s Dean’s Advisory Board and is a member of the UJA of Greater New York’s Wall Street and Financial Services Division.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune’s 2023 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com.

LinkedIn: https://www.linkedin.com/company/wellsfargo

News Release Category: WF-CF

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240227742180/en/

Media

Amy Bonitatibus, 518-312-6890

amy.bonitatibus@wellsfargo.com

Investor Relations

John Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

Source: Wells Fargo & Company

FAQ

Who is joining Wells Fargo as Vice Chairman?

Doug Braunstein is joining Wells Fargo as Vice Chairman.

What is Doug Braunstein's background?

Doug Braunstein has over 35 years of industry experience, including executive roles at JPMC such as Chief Financial Officer and Vice Chairman.

What is Doug Braunstein's role at Wells Fargo?

Doug Braunstein will work on growing the company's corporate finance and advisory businesses, advise senior management, and enhance CIB.

What is the significance of Doug Braunstein's appointment at Wells Fargo?

Doug Braunstein's appointment signifies Wells Fargo's commitment to strengthening CIB, expanding client-serving lines of business, and leveraging his expertise in financial transactions.

What is Doug Braunstein's experience in financial transactions?

Doug Braunstein has been involved in nearly $1 trillion in transactions throughout his career.