Fernando Rivas to Join Wells Fargo as Co-CEO of Corporate & Investment Banking
May 08 2024 - 8:45AM
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.
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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
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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
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