Wells Fargo CFO John Shrewsberry to Leave the Bank After 22 Years
July 21 2020 - 10:51AM
Dow Jones News
By Ben Eisen and Dave Sebastian
Wells Fargo & Co. said Tuesday it will replace its
long-serving chief financial officer, the latest executive to leave
as the bank's new CEO shakes up top management.
The bank said John Shrewsberry would retire in the fall. He will
be replaced by Mike Santomassimo, who was chief financial officer
at Bank of New York Mellon Corp.
Mr. Shrewsberry, a Wells Fargo veteran of more than two decades
and CFO since 2014, was one of the few top executives to stay in
his position through the bank's four-year-old fake accounts
scandal.
Mr. Santomassimo will join Wells Fargo as the bank homes its
focus on cost-cutting. The fourth-largest U.S. bank by assets
reported its first loss since 2008 in the second quarter and cut
its dividend. Charles Scharf, who joined Wells Fargo as chief
executive officer last fall, has said the bank needs to cut $10
billion in expenses annually to be closer in line with its peers, a
move that will likely result in widespread layoffs.
Mr. Scharf has brought in a new slate of executives as he tries
to turn around the bank and improve its standing with regulators.
He has hired extensively from Bank of New York Mellon, where he was
previously CEO, and JPMorgan Chase & Co., where he was also an
executive.
Mr. Santomassimo became BNY Mellon's CFO in 2018. He was
previously finance chief for BNY Mellon's investment services
businesses, and spent 11 years at JPMorgan Chase in finance
leadership roles.
Succeeding Mr. Santomassimo at BNY Mellon is Emily Portney, BNY
Mellon said. She was previously an executive in the bank's asset
servicing business. Before that, she served as finance chief for
Barclays International and spent 22 years at JPMorgan Chase, where
she was head of clearing and collateral management, among other
roles.
(END) Dow Jones Newswires
July 21, 2020 10:36 ET (14:36 GMT)
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