Wells Fargo Names Mike Santomassimo as New Chief Financial Officer
July 21 2020 - 8:39AM
Business Wire
John Shrewsberry to retire from the company following
transition
Wells Fargo & Company (NYSE: WFC) announced today that Mike
Santomassimo will join the company in fall 2020 as Chief Financial
Officer. Santomassimo will report to CEO Charlie Scharf and serve
on the company’s Operating Committee. He will succeed John
Shrewsberry, who has announced plans to retire following a
successful 22-year career with Wells Fargo, including the last six
years as the company’s CFO. Shrewsberry will continue in his role
as CFO until Santomassimo joins the company and will assist with
the transition thereafter.
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Wells Fargo Names Mike Santomassimo as
New Chief Financial Officer (Photo: Business Wire).
Santomassimo has more than 20 years of leadership experience in
banking and finance. He joins Wells Fargo from BNY Mellon, where he
was CFO since 2018. In addition to leading Finance at BNY Mellon,
Santomassimo was responsible for the firm’s regulatory relations,
enterprise resiliency office, third-party governance, and other
corporate services. Previously, he served as CFO for the company’s
Investment Services businesses. Prior to joining BNY Mellon, he
spent 11 years at JPMorgan Chase in a number of key finance
leadership roles, including CFO for Banking, which included
Investment Banking (advisory and equity & debt capital markets)
and Treasury Services. He also served as CFO of JPMorgan’s
Securities Services & U.S. Private Banking businesses. He began
his career at Smith Barney, where he held a variety of roles
including as co-head of the Strategy and Finance team for the
brokerage division.
“Mike is a strategic-minded CFO with success in building and
leading global finance teams that help drive business improvement,”
Scharf said. “His experience as the CFO of one of the other seven
Globally Systemic Important Banks in the U.S. puts him in a unique
position to have immediate impact on Wells Fargo. He is action
oriented and will be an important partner to me and our entire
Operating Committee as we move our company forward.”
Shrewsberry’s retirement comes after a financial services career
that spans more than 28 years. Prior to his CFO role, Shrewsberry
served as head of Wells Fargo Securities from 2006 through May
2014, where he was responsible for investment banking and capital
markets. Previously, he served as group head of Wells Fargo
Commercial Capital, the successor to a commercial finance company
he co-founded that became part of Wells Fargo. Earlier in his
career, he served as a vice president in the fixed-income division
at Goldman Sachs and in the principal finance and mortgage finance
business lines at Credit Suisse First Boston.
“On behalf of the entire Board and management team, I thank John
for his many years of dedication and valuable contributions,” said
Scharf. “When I joined the company last October, John had indicated
that he was considering retirement, but he wanted to ensure he was
as helpful as he could be in my transition and believes that now is
an appropriate time since we have the Operating Committee largely
in place. He will be missed. Throughout his tenure, John has served
as an excellent financial and strategic leader for our company.
During his time as CFO, he has played a significant role in
executing numerous financial and operational initiatives while
maintaining the company’s strong capital and liquidity positions.
He is well-respected throughout the company and the financial
community for his strategic insight as well as for his commitment
and passion for building strong, personal relationships, and we are
grateful for his many years of service to the company.”
Shrewsberry said, "The past 22 years have been rewarding thanks
to the talented people I have worked with and the work we have led.
It has been my privilege to be surrounded by a dedicated team and
some of the brightest minds in financial services. I am proud of
the progress we have made and the team we have built, and I have
every confidence in the Enterprise Finance team to continue the
good work we've begun. I have gotten to know Mike over the last
couple of years and recommended him for the job. He is an
experienced, well-respected CFO and I am excited about what he will
bring to Wells Fargo.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.97 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,300 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 31 countries and territories to support customers who
conduct business in the global economy. With approximately 266,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 30 on
Fortune’s 2020 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com |
Twitter: @WellsFargo.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200721005537/en/
Media Peter Gilchrist, (704) 715-3213
Peter.gilchrist@wellsfargo.com
Investor Relations John Campbell, (415) 396-0523
john.m.campbell@wellsfargo.com
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