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    Wells Fargo & Co (WFC)

    CEO Change

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    Business Description

    Wells Fargo & Company is a diversified financial services company that provides a wide range of banking, investment, and financial products and services to individuals, businesses, and institutions . The company operates through four main segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management . These segments offer various financial solutions, including checking and savings accounts, loans, credit and debit cards, investment banking, and wealth management services .

    1. Consumer Banking and Lending - Offers financial products and services such as checking and savings accounts, credit and debit cards, and various types of loans to consumers and small businesses with annual sales up to $10 million .
    2. Corporate and Investment Banking - Delivers capital markets, banking, and financial products and services to corporate, commercial real estate, government, and institutional clients globally, including corporate banking, investment banking, and trading services .
    3. Wealth and Investment Management - Provides personalized wealth management, brokerage, financial planning, and private banking services to affluent clients .
    4. Commercial Banking - Provides financial solutions to private, family-owned, and certain public companies, including banking and credit products, secured lending, and treasury management .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Charles W. ScharfChief Executive Officer and PresidentN/ACharles W. Scharf is the Chief Executive Officer and President of Wells Fargo & Company. He also serves as a director of the company .
    Michael P. SantomassimoSenior Executive Vice President and Chief Financial OfficerN/AMichael P. Santomassimo is the Senior Executive Vice President and Chief Financial Officer of Wells Fargo & Company, overseeing the financial operations of the company .
    Muneera S. CarrExecutive Vice President, Chief Accounting Officer and ControllerMarch 2020Muneera S. Carr has been serving as Executive Vice President, Chief Accounting Officer, and Controller since March 2020. She previously held various executive positions at Comerica, Incorporated .
    William M. DaleyVice Chairman of Public AffairsNovember 2019William M. Daley has been serving as Vice Chairman of Public Affairs since November 2019. He briefly left this role in September 2023 but resumed it in October 2023 .
    Kristy FerchoSenior Executive Vice President and Head of Diverse Segments, Representation and InclusionOctober 2022Kristy Fercho has been in her current role since October 2022. She previously served as Executive Vice President and Head of Home Lending from July 2020 to April 2023 .
    Derek A. FlowersSenior Executive Vice President and Chief Risk OfficerJanuary 2022Derek A. Flowers has been the Chief Risk Officer since January 2022. He has been with the company or its predecessors for 25 years .
    Kyle G. HranickySenior Executive Vice President and CEO of Commercial BankingSeptember 2021Kyle G. Hranicky has held his current position since September 2021 and has been with the company or its predecessors for 29 years .
    Tracy KerrinsSenior Executive Vice President and Head of TechnologyMay 2023Tracy Kerrins has been in her current role since May 2023. She previously served as Executive Vice President and Chief Information Officer for Consumer Technology and Enterprise Functions Technology .
    Bei LingSenior Executive Vice President and Head of Human ResourcesOctober 2021Bei Ling has been serving in her current role since October 2021. She was previously the Managing Director of Human Resources at JPMorgan Chase & Co. .
    Ellen R. PattersonSenior Executive Vice President and General CounselMarch 2020Ellen R. Patterson has been serving as General Counsel since March 2020. She was previously the Group Head and General Counsel at The Toronto-Dominion Bank .
    Scott E. PowellSenior Executive Vice President and Chief Operating OfficerDecember 2019Scott E. Powell has held his current position since December 2019. He was previously the President and CEO of Santander Consumer USA Holdings Inc. .
    Kleber R. SantosSenior Executive Vice President and CEO of Consumer LendingN/AKleber R. Santos is the Senior Executive Vice President and CEO of Consumer Lending at Wells Fargo & Company. The documents do not provide information on his start date.
    Barry SommersSenior Executive Vice President and CEO of Wealth and Investment ManagementJune 2020Barry Sommers has been serving in his current role since June 2020. He was previously the CEO of Wealth Management at JPMorgan Chase & Co. .
    Saul Van BeurdenSenior Executive Vice President and CEO of Consumer, Small and Business BankingMay 2023Saul Van Beurden has been in his current role since May 2023. He previously served as the Senior Executive Vice President and Head of Technology .
    Jonathan G. WeissSenior Executive Vice President and CEO of Corporate and Investment BankingFebruary 2020Jonathan G. Weiss has held his current position since February 2020. He has been with the company for 18 years .
    Ather Williams IIISenior Executive Vice President and Head of Strategy, Digital Platform, and InnovationN/AAther Williams III serves as Senior Executive Vice President and Head of Strategy, Digital Platform, and Innovation. The documents do not provide specific details on his start date .

    Questions to Ask Management

    1. Given that the asset cap has constrained your ability to grow in areas like wholesale deposits and market financing, how will its removal specifically impact your growth strategy, and what steps are you taking now to prepare for this transition?

    2. With the recent OCC consent order related to anti-money laundering and KYC compliance disclosed in your 10-Q, how do you plan to address these issues without significantly increasing expenses, and what measures are you implementing to prevent future compliance lapses?

    3. Your trading gains have exceeded $1 billion per quarter, but given the inherent volatility in market conditions, what strategies are you employing to ensure the sustainability of these revenues, and what key risks could impact future performance in this area?

    4. The securities repositioning had minimal impact on net interest income in the third quarter but is expected to contribute more in the fourth quarter; can you quantify the anticipated benefit to net interest income from this action, and how does this align with your broader interest rate risk management strategy?

    5. You've repurchased $15.5 billion in shares year-to-date and remain well above regulatory capital minimums; how are you balancing capital returns with potential economic uncertainties, and should we expect the current pace of buybacks to continue in the coming quarters?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateJuly 25, 2023
    End Date/DurationNo expiration date
    Total additional amount$30 billion
    Remaining authorization amount$11.3 billion (as of September 30, 2024)
    DetailsReturn excess capital to shareholders while maintaining flexibility

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Banks - Compete with financial services providers such as banks.
    • Savings and Loan Associations - Compete with financial services providers such as savings and loan associations.
    • Credit Unions - Compete with financial services providers such as credit unions.
    • Finance Companies - Compete with financial services providers such as finance companies.
    • Mortgage Banking Companies - Compete with financial services providers such as mortgage banking companies.
    • Insurance Companies - Compete with financial services providers such as insurance companies.
    • Investment Banks - Compete with financial services providers such as investment banks.
    • Mutual Fund Companies - Compete with financial services providers such as mutual fund companies.
    • Brokerage Houses - Face increased competition from nonbank institutions such as brokerage houses.
    • Private Equity Firms - Face increased competition from nonbank institutions such as private equity firms.
    • Online Lending Companies - Face increased competition from nonbank institutions such as online lending companies.
    • Financial Services Subsidiaries of Commercial and Manufacturing Companies - Face increased competition from financial services subsidiaries of commercial and manufacturing companies.

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLP1931 PresentCurrent auditor

    Latest news

    Recent developments and announcements about WFC.

    Corporate Leadership

      CEO Change

      ·
      5 days ago

      Jon Weiss, Co-CEO of Corporate & Investment Banking at Wells Fargo, has stepped down effective immediately as of January 30, 2025, and will formally retire on June 1, 2025. Fernando Rivas, who joined the company in May 2024, has taken over as the sole CEO of Corporate & Investment Banking.

      Leadership Change

      ·
      5 days ago

      Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB) at Wells Fargo, is retiring. He will step down immediately and formally leave the company on June 1, 2025. Fernando Rivas, who joined Wells Fargo in May 2024 as Co-CEO of CIB, will now serve as the sole CEO of CIB, effective immediately.