Fernando Rivas to Join Wells Fargo as Co-CEO of Corporate & Investment Banking

Rhea-AI Summary

Wells Fargo & Company announced that Fernando Rivas will join as Co-CEO of Corporate & Investment Banking, bringing decades of experience from JP Morgan Chase. This move aims to enhance the bank's capabilities, deepen relationships, and drive revenue growth. Rivas' strategic expertise and industry knowledge are expected to contribute to Wells Fargo's continued success in the financial services sector.

Positive

• Fernando Rivas brings nearly 30 years of experience from JP Morgan Chase to Wells Fargo, enhancing the bank's talent pool.

• Under Jon Weiss' leadership, Wells Fargo's Corporate & Investment Bank has seen increased revenue and market share, indicating positive growth.

• The addition of over 50 senior bankers and traders since 2020 has strengthened Wells Fargo's capabilities and market presence.

Negative

• None.

SAN FRANCISCO--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE: WFC) announced today that Fernando Rivas has been named SEVP and Co-CEO of Corporate & Investment Banking (CIB), reporting to Wells Fargo CEO Charlie Scharf and joining the company’s Operating Committee, effective today. Rivas and Jon Weiss, who has been CIB’s CEO since February 2020, will lead the business together.

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

Rivas joins Wells Fargo after a nearly 30-year career at JP Morgan Chase & Company (JPMC). He was most recently JPMC’s Head of North American Investment Banking. Prior to that, he was Co-Head of JPMC’s Global Financial Institutions Group. In these and other roles at JPMC, he built and led market-leading investment banking franchises and managed many of the firm’s largest investment banking relationships, including being involved in dozens of marquee strategic transactions and capital raises.

“Fernando joins our company at an exciting time,” Scharf said. “Our Corporate and Investment Bank has been an important part of the company for decades, and we have been carefully and methodically investing under Jon’s leadership to deepen and broaden our capabilities. We have added over 50 senior bankers and traders since 2020 and have seen the positive impact with increased revenue and market share.”

Scharf continued: “I have known Fernando for 20 years and have seen first-hand why so many CEOs regard him as one of the most talented bankers in our industry. His deep knowledge of our industry and keen strategic sense make him a great addition to our Operating Committee, and his background and skills will complement the terrific team Jon has put together as we continue to build a top-tier Corporate and Investment Bank while maintaining the strong risk disciplines we have had in place for so long.”

Weiss said, “I’ve gotten to know Fernando and am excited to be working with him. We share the same values, priorities, and vision for the CIB, and I’m looking forward to our partnership. I’m proud of the progress we have made and am excited about the opportunities in front of us as we continue to build on our strong momentum.”

Rivas said, “I am excited to partner with Charlie, Jon and the CIB leadership team to build on the strong momentum in the business, capture the enormous opportunity inherent in Wells Fargo’s franchise and deliver the excellence and humanity that are the cornerstones of an exceptional financial services business.”

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

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.

News Release Category: WF-CF

View source version on businesswire.com: https://www.businesswire.com/news/home/20240508507114/en/

Media

Amy Hyland Jones, 704-315-9954

Amy.hylandjones@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 Co-CEO of Corporate & Investment Banking?

Fernando Rivas is joining Wells Fargo as Co-CEO of Corporate & Investment Banking.

What is Fernando Rivas' background?

Fernando Rivas comes from JP Morgan Chase, where he held various leadership roles, including being the Head of North American Investment Banking.

How will Fernando Rivas' appointment impact Wells Fargo?

Fernando Rivas' appointment is expected to deepen relationships, enhance capabilities, and drive revenue growth at Wells Fargo's Corporate & Investment Banking division.