By Peter Rudegeair
Wells Fargo & Co said on Wednesday that corporate-banking
chief Mike Johnson will retire at the end of the second
quarter.
Mr. Johnson, a 32-year veteran of Wells Fargo, oversaw the
bank's business involving mostly large, multinational corporations.
He reported to wholesale banking chief Timothy Sloan, a member of
the company's operating committee.
Wells Fargo's corporate bank took in $3.6 billion in revenue in
2013, according to a May 2014 investor presentation from the
bank.
"Not only has [Mr. Johnson] helped build one of the industry's
best corporate banking businesses, he's also been a key figure over
the years in helping to define and ingrain our Wells Fargo culture
of always putting the customer first," said Wells Fargo Chief
Executive John Stumpf in a memo to employees.
The bank hasn't decided on a successor to Mr. Johnson.
Write to Peter Rudegeair at peter.rudegeair@wsj.com
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