Meet the newly appointed CFO, Wells Fargo & Co’s CFO soon to retire after serving more than 20 years. News

Meet the newly appointed CFO, Wells Fargo & Co’s CFO soon to retire after serving more than 20 years.

Author's avatar Clout News Desk

Time icon July 26, 2020

Wells Fargo & Company is an American multinational financial services company headquartered in San Francisco, California, with central offices throughout the United States. It is the world’s fourth largest bank by market capitalization and the fourth largest bank in the US by total assets.Wells Fargo is ranked number 26 on the 2018 Fortune 500 rankings of the largest US corporations by total revenue. In July 2015, Wells Fargo became the world’s largest bank by market capitalization, edging past ICBC, before slipping behind JPMorgan Chase in September 2016, in the wake of a scandal involving the creation of over 2 million fake bank accounts and illegal manipulation of other accounts by Wells Fargo employees. Wells Fargo fell behind Bank of America to third by bank deposits in 2017 and behind Citigroup to fourth by total assets in 2018.Wells Fargo is incorporated in Delaware.

Mike Santomassimo: The newly appointed CFO

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In pic : Mike Santomassimo

The firm offers a variety of career paths that encourage individuals to thrive and flourish in an inclusive environment. The team members acknowledge and appreciate that they are all a part of something larger.

Wells Fargo & Co (WFC.N) said on Tuesday Mike Santomassimo would replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm. Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. Santomassimo most recently served as Scharf’s CFO at Bank of New York Mellon (BK.N) and previously led the finance teams for various business lines at JPMorgan Chase & Co (JPM.N).

Shrewsberry, who told Scharf he was considering retirement when he joined the company, will stay on to ensure a smooth transition, the company said. Shrewsberry was named CFO in 2014 after running Wells Fargo Securities and Wells Fargo’s commercial capital division.

When Santomassimo joins the company in the fall, the top three executives will be based in New York, away from the bank’s official San Francisco headquarters. Santomassimo will receive an annual base salary of $1.75 million and a minimum variable compensation of $9.25 million for the performance year 2020, the bank said in a filing.

John Shrewsberry: The 22-year old Finance veteran

The change at Wells Fargo comes as it gears up to launch a broad cost-cutting initiative this year and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal. On an earnings call last week, Scharf slammed prior management for failing to run the bank in an efficient and compliant manner, saying the firm’s underperformance was “because leadership didn’t make the difficult decisions necessary.” However, he struck a different tone on Tuesday talking about out Shrewsberry, a 22-year Wells Fargo veteran. “Throughout his tenure, John has served as an excellent financial and strategic leader for our company,” Scharf said. “He is well-respected throughout the company and the financial community.”

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