Ellen is a seasoned lawyer with extensive experience in the financial services industry, where she has had responsibilities for managing and advising on global legal and regulatory compliance risks, Scharf said. She will be a tremendous addition to WellsFargo.. Prior to his roles at BNY Mellon and Visa, Scharf held leadership positions at JPMorgan Chase, Bank One Corp, Citigroup, and Salomon Smith Barney. While everyone at WellsFargo shares the responsibility for operational excellence, Lesters team will enable us to deliver the best experience possible for our customers while driving consistent execution across our business operations functions, including contact center operations, client servicing support, money movements within our businesses, lending operations, and other functions. Effective June 1, Nate Hurst joins the WellsFargo Public Affairs leadership team to lead Corporate Responsibility, Philanthropy, Community Relations, and Sustainability. Directly tie compensation of Operating Committee members to improvement of diversity and inclusion in their areas of oversight. Share this with Print now, opens print dialog. Our work has tremendous impact upon people. He joined older sister Elsie Otter, and the New Girl alum explained their daughters name on The Ellen DeGeneres Show. He brokered a lucrative new partnership with Chase. Heres what history tells usCharles Schwab on the lessons hes learned over a lifetime of investingThe 5 most valuable unicorns, according to their latest funding roundsPerformance chasingand why it can be perilous for your portfolioDont miss the daily Term Sheet, Fortunes newsletter on deals and dealmakers. Share this on LinkedIn now, opens a dialog. Before that, he spent time as the CEO of Chase Wealth Management, where he helped build the Chase Private Client Services business. Those fears proved unfounded when Scharf accepted Wells offer on September 27, with a starting date of October 21. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. Previously, he served as CFO for the companys Investment Services businesses. March 13 Scharf announces that Ellen Patterson will join Wells Fargo as general counsel, overseeing all legal affairs as a member of the Operating Committee and reporting to the CEO. Patterson joins Wells Fargo after more than seven years at TD Bank Group, where she most recently served as group head and general counsel responsible for leading the banks global Legal, Compliance, Anti-Money Laundering, Corporate Secretary, Global Security & Investigations, and Fraud Risk Management teams. Wells also replaced four directors. Education: Johns Hopkins University (BA); New York University (MBA) In his role, Williams will lead corporate strategic planning; define and manage digital platform standards and capabilities; and manage innovation priorities, opportunities, and companywide efforts to drive transformation. Scharf has built a leadership team composed of executives from inside and outside the company who have deep financial services experience and have turned around and run complex financial institutions. By the close of 2018, its earnings had fallen eight percent to $20.7 billion. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. WebFor a better experience please change your browser to CHROME, FIREFOX, OPERA or Internet Explorer. He talked into this huge sqawk box like the one in Charlies Angels. His resume reached Jamie Dimon through family relations. policy of this website. Scharf three main challenges: winning the support of regulators unmoved by his predecessors reforms, restoring Wells reputation with customers, and getting what was once a powerful growth machine moving once again. The Bank of New York Mellon Corporation or BNY Mellon was established by Founders Thomas Mellon, Aaron Burr, and Alexander Hamilton. To succeed, Scharf, 54, will need to marshal all the skills and lessons learned from his friend and hero to accomplish one of the toughest tasks in corporate America, the remaking of Wells Fargo. We and our partners use cookies to Store and/or access information on a device. Carr has also worked in the Office of the Chief Accountant at the United States Securities and Exchange Commission and for Bank of America, SunTrust, and PricewaterhouseCoopers. The creation of this elevated role was one of several key initiatives Scharf announced in June 2020 as part of the companys expanded commitments to diversity and inclusion. Our board and management team are working with a sense of urgency to drive important cultural and structural changes at WellsFargo, and I look forward to working with Steve and the other directors to continue the transformation of our company.. To live up to our potential, we must all take part in making the cultural and structural changes needed.. Until April 2019, Sommers was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. As Scharf told me during interviews on a Dimon story years later, Commercial Credit looked nothing like his vision of corporate America. Colleagues describe him as all business, implying the emotional quotient at Wells will be a lot lower than that the raucous shouting matches he lived through at Commercial Credit and J.P. Morgan. WeWork IPO filing withdrawn as roadshow leads to a dead endWhats the difference between a recession and a depression? Prior to joining Flagstar, she spent 15 years with Fannie Mae, where she led the strategy and business performance of single-family customers in the western United States and also served in customer engagement and human resources roles. Lester Owens will join the COO leadership team in the newly created role of head of operations, responsible for building a more unified, more integrated approach to WellsFargos business operations functions, the company announced April 27. Scharf joined Commercial Credit Corp part-time when he was in his senior year at Johns Hopkins University. About Charles W. Scharf. He served on the United Nations WomenGlobal Innovation Coalition for Change, and while at HP he championed technology products and external programs that focus on gender equality, education and achievement, youth entrepreneurship, and socially responsible business. As a member of Capital Ones executive team, Santos was deeply engaged in diversity efforts, including in the development of products and services and in partnering with community and consumer advocacy groups. Required fields are marked *. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices Kleber brings a unique set of leadership and business skills that, combined with his experiences driving diversity and inclusion outcomes, will enable us to drive meaningful change throughout the organization and better serve our diverse customer base and underserved communities, Scharf said. Good business is all about stepping back, asking questions, accumulating the expertise to make the best decisions, he said in the Stern alumni magazine interview, Theres always an answer waiting to be found. He also spent time at Goldman Sachs in its asset management division. His wife Amy E. Scharf and he have two daughters. He has also held numerous executive roles at JPMorgan Chase. (Also read: Bank of America CEO Email & Net Worth Brian Moynihan). March 5 Wells Fargo announces it will provide access to a suite of credit products to Deferred Action for Childhood Arrival (DACA) recipients beginning this year and continuing into 2021. His go-go approach improved Chases loyalty while eliciting none of the abuses seen at Wells. The chairman revealed that his Under her leadership, the agency won significant recognition, including being the most-awarded PR firm at Cannes 2019, 2018, and 2017. This includes creating five principal lines of business to ensure clear authority, accountability, and responsibility. Bloomberg Markets is focused on bringing you the most important global business and breaking markets news and information as it happens. Scharf himself led both Visa and BNY Mellon. provided this link for your convenience, but does not endorse and is A new Wells thats growing again, at peace with regulators, and regaining the trust of customers would prove a strong rival to B of A, and Dimons J.P. Morgan. For all the lessons hes absorbed from Dimon, Scharf brings a less emotive, more deliberative style to leadership. Clear Access Banking also has been certified by the Cities for Financial Empowerment (CFE) Fund for meeting its Bank On National Account Standards for safe and appropriate financial products that can help people enter or re-enter the mainstream financial system. July 20 Scharf announces that Ather Williams III will join WellsFargo as Head of Strategy, Digital and Innovation, leading innovation priorities to drive transformation, reporting to the CEO and serving on the companys Operating Committee. He has a demonstrated track record in leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. Prior to joining BNY Mellon, he spent 10 years at JP Morgan Chase, where he was responsible for Global Wholesale Banking Operations, among other roles. I know many have worked hard on these efforts, but we have not yet accomplished whats required, and there is more difficult work ahead. During his time at JPMorgan Chase, Black held numerous roles including Investment Bank executive chairman from 2009 to 2010; co-CEO of the Investment Bank from 2004 to 2009; Investment Bank deputy co-CEO from 2003 to 2004; and head of the Investment Banks Global Equities business from 2000 to 2003. From 2002 to 2004, he was CEO of Bank One Corps retail business. On Nov. 25, 2019, Ray Fischer joined to lead Cards, Retail and Merchant Services to lead development of innovative products and services enhancing customer and team member experiences. He will be focused on creating a more diverse and inclusive working environment and partnering with Wells Fargos business leaders to deliver products and services specifically designed to meet the needs of diverse customer segments. Among other moves, it donated $175 million to nonprofits that support communities and populations that are hardest hit by COVID-19 and thousands of grants to nonprofits that provide housing assistance the vulnerable populations. In a replay of the move at Bank One, he helped to combine mismatched computer systems. He will be focused on creating a more diverse and inclusive working environment and partnering with Wells Fargos business leaders to deliver products and services specifically designed to meet the needs of diverse customer segments. His first job was at Commercial Credit in 1980s, when he worked for Jamie Dimon as Assistant. The family of four spend their time in their luxurious house in Westchester, New York. Scharf told me during interviews on a Dimon story years later, Commercial Credit looked nothing like vision... Net Worth Brian Moynihan ) CFO for the companys Investment Services businesses of the abuses at! 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