Jon Weiss, Co-CEO of Corporate & Investment Banking, to Retire from Wells Fargo
Wells Fargo (NYSE: WFC) announced the retirement of Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB). Weiss will step down immediately and formally retire on June 1, 2025, after nearly 20 years with the company. Fernando Rivas, who joined as Co-CEO of CIB in May 2024, will become the sole CEO.
Under Weiss's leadership since early 2020, CIB achieved significant growth with net income increasing approximately 40% and revenue rising approximately 35%. Weiss's career at Wells Fargo began in 2005 in Investment Banking, progressing through various leadership roles including Co-Head of Investment Banking & Capital Markets (2008), President and Head of Wells Fargo Securities (2014), and Head of Wealth & Investment Management (2017-2020).
Wells Fargo (NYSE: WFC) ha annunciato il ritiro di Jon Weiss, Co-CEO della Corporate & Investment Banking (CIB). Weiss si dimetterà immediatamente e andrà in pensione formalmente il 1° giugno 2025, dopo quasi 20 anni con l'azienda. Fernando Rivas, che è subentrato come Co-CEO della CIB nel maggio 2024, diventerà l'unico CEO.
Sotto la guida di Weiss dall'inizio del 2020, la CIB ha raggiunto una crescita significativa, con un incremento degli utili netti di circa 40% e un aumento dei ricavi di circa 35%. La carriera di Weiss in Wells Fargo è iniziata nel 2005 nell'Investment Banking, progredendo attraverso vari ruoli di leadership, tra cui Co-Head di Investment Banking & Capital Markets (2008), Presidente e Capo di Wells Fargo Securities (2014) e Capo di Wealth & Investment Management (2017-2020).
Wells Fargo (NYSE: WFC) anunció el retiro de Jon Weiss, Co-CEO de Corporate & Investment Banking (CIB). Weiss dejará su cargo de inmediato y se retirará formalmente el 1 de junio de 2025, después de casi 20 años en la empresa. Fernando Rivas, quien se unió como Co-CEO de CIB en mayo de 2024, se convertirá en el único CEO.
Bajo el liderazgo de Weiss desde principios de 2020, la CIB logró un crecimiento significativo, con un aumento de los ingresos netos de aproximadamente 40% y un incremento de los ingresos de aproximadamente 35%. La carrera de Weiss en Wells Fargo comenzó en 2005 en el área de Investment Banking, avanzando a través de varios roles de liderazgo, incluyendo Co-Head de Investment Banking & Capital Markets (2008), Presidente y Jefe de Wells Fargo Securities (2014) y Jefe de Wealth & Investment Management (2017-2020).
웰스파고 (NYSE: WFC)는 Jon Weiss의 Corporate & Investment Banking (CIB) 공동 CEO 은퇴를 발표했습니다. Weiss는 즉시 물러나며, 2025년 6월 1일에 정식으로 은퇴합니다. 그는 이 회사에서 거의 20년을 보냈습니다. Fernando Rivas는 2024년 5월에 CIB의 공동 CEO로 합류한 후 단독 CEO가 될 것입니다.
2020년 초부터 Weiss의 리더십 하에 CIB는 순이익이 약 40% 증가하고 수익이 약 35% 증가하며 중요한 성장을 이뤘습니다. Weiss는 2005년 투자은행 부서에서 웰스파고에서 경력을 시작했으며, 이후 투자은행 및 자본시장 부문 공동 책임자(2008), 웰스파고 증권 총괄 및 회장(2014), 자산 및 투자 관리 부문 총괄(2017-2020) 등 다양한 리더십 역할을 역임했습니다.
Wells Fargo (NYSE: WFC) a annoncé le départ à la retraite de Jon Weiss, Co-CEO de Corporate & Investment Banking (CIB). Weiss quittera immédiatement son poste et prendra sa retraite formelle le 1er juin 2025, après près de 20 ans au sein de l'entreprise. Fernando Rivas, qui a rejoint en tant que Co-CEO de CIB en mai 2024, deviendra le seul CEO.
Sous la direction de Weiss depuis début 2020, la CIB a connu une croissance significative, avec un revenu net augmentant d’environ 40% et les revenus augmentant d’environ 35%. La carrière de Weiss chez Wells Fargo a commencé en 2005 dans le domaine de la banque d'investissement, progressant à travers divers rôles de leadership, notamment Co-Head de Investment Banking & Capital Markets (2008), Président et Responsable de Wells Fargo Securities (2014) et Responsable de Wealth & Investment Management (2017-2020).
Wells Fargo (NYSE: WFC) hat den Rücktritt von Jon Weiss, Co-CEO von Corporate & Investment Banking (CIB), bekannt gegeben. Weiss wird mit sofortiger Wirkung zurücktreten und wird am 1. Juni 2025 offiziell in den Ruhestand treten, nach fast 20 Jahren im Unternehmen. Fernando Rivas, der im Mai 2024 als Co-CEO der CIB eingetreten ist, wird der alleinige CEO.
Unter Weiss' Führung seit Anfang 2020 erzielte die CIB ein signifikantes Wachstum mit einem Anstieg des Nettoergebnisses um etwa 40% und einem Anstieg der Einnahmen um etwa 35%. Weiss' Karriere bei Wells Fargo begann 2005 im Bereich Investment Banking, wo er sich durch verschiedene Führungspositionen hocharbeitete, einschließlich Co-Head von Investment Banking & Capital Markets (2008), Präsident und Leiter von Wells Fargo Securities (2014) sowie Leiter von Wealth & Investment Management (2017-2020).
- CIB net income increased approximately 40% under Weiss's leadership since 2020
- CIB revenue grew approximately 35% during the same period
- None.
Insights
The retirement of Jon Weiss from Wells Fargo's CIB division represents a pivotal moment that warrants careful analysis. The 40% increase in net income and 35% growth in revenue under his leadership since 2020 demonstrates exceptional performance during a challenging period for the banking sector, including the post-pandemic recovery and interest rate volatility.
The timing of this transition is strategic, with Fernando Rivas having been positioned as Co-CEO since May 2024, allowing for a methodical knowledge transfer and relationship handover with key institutional clients. This approach minimizes disruption risk to the Corporate & Investment Banking division, which is important for maintaining Wells Fargo's competitive position against peers like JPMorgan Chase and Bank of America.
Weiss's progression through critical roles - from Investment Banking to Securities to Wealth Management - has given him unique insights into Wells Fargo's diverse business lines. This cross-divisional experience has been valuable in fostering collaboration and driving synergies across the bank's operations. His successful tenure, particularly in navigating the CIB division through complex market conditions, sets a high bar for his successor.
The extended notice period until June 2025 provides additional stability and ensures a thorough transition of key client relationships and strategic initiatives. This is particularly important given the current market environment where investment banking revenues industry-wide face headwinds from reduced M&A activity and capital markets transactions.
Fernando Rivas takes over as CEO of Corporate & Investment Banking, effective immediately
“Jon has a long and distinguished track record of success in financial services, and he has made a lasting impact on Wells Fargo,” said Charlie Scharf, Wells Fargo’s CEO. “Since Jon started leading CIB in early 2020, CIB net income is approximately
Weiss started his career with Wells Fargo in 2005 in Investment Banking. In 2008, he became Co-Head of the Investment Banking & Capital Markets division and in 2014 he became President and Head of Wells Fargo Securities. In 2017, he was named Head of Wealth & Investment Management, a position he held until February 2020 when he was named CEO of Corporate & Investment Banking.
Weiss stated: “Over the past two decades, it has been my privilege to work with an outstanding group of colleagues and clients at one of America's great banking franchises. I am proud of the business we have built and the way we do business. Our Corporate & Investment Bank is exceptionally well positioned for continued success with Fernando at its helm. I know that he and our dedicated team will continue to grow the business and serve our clients well.”
About Wells Fargo
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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/20250130289312/en/
Media
Amy Hyland Jones, 704-315-9954
Amy.hylandjones@wellsfargo.com
Investor Relations
John
john.m.campbell@wellsfargo.com
Source: Wells Fargo & Company
FAQ
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