Thomas Nides, the present vice chairman of Wells Fargo, has decided to step down from his role to focus his attention on the ongoing crisis in the Middle East, the company said Friday.
Nides retired as the U.S. ambassador to Israel in July — a post he held since 2021. He spent just a few weeks in his current role at Wells Fargo before announcing his departure.
Nides replaced William Daley in September, a Washington and Wall Street vet, who was set to retire at the end of the year.
Daley, who was Wells Fargo’s vice chairman of public affairs, will return to his former role, effective immediately. The San Francisco-based lender will resume its search for Daley’s replacement in a few weeks, the company said.
“Watching the horrific events unfold in Israel and Gaza these past few weeks have had a profound effect on me, in ways that I could not have imagined,” Nides said in a statement Friday. “While my tenure as Ambassador ended a few short months ago, I now feel an obligation to turn my attention back to the region, and continue to provide whatever assistance I can, outside of an official government role, to help find solutions for the people living there.”
He expressed his intention to work with the UJA Federation in New York and the Middle East organizations to “bring whatever expertise I can, immediately.” Nides thanked Wells Fargo CEO Charlie Scharf and his team for supporting his decision and wished them future success.
Daley joined Wells Fargo in 2019 from BNY Mellon to lead the newly created public affairs division under Scharf, another BNY Mellon transplant. As part of the group, Daley oversaw government relations, corporate communications, corporate branding, and community relations.
He worked as secretary of commerce under President Bill Clinton and White House chief of staff under President Barack Obama.
Nides’ appointment came at a crucial time as Wells continued to deal with numerous regulatory issues and was a significant hire for Scharf, four years within his tenure as CEO.
“I am excited to join Wells Fargo at this pivotal time in the company’s transformation journey,” Nides said in a statement last month.
Nides reported directly to Scharf and joined the lender’s operating committee. His role was to advise the company’s senior management on banking and management issues and work with leadership on ways to expand client relationships, the company said at the time.
He served as chief of staff to the U.S. Trade Representative and was a senior advisor to then-House Speaker Tom Foley and House Majority Whip Tony Coelho, his government profile noted.
Nides was Credit Suisse’s chief administrative officer for three years before joining Morgan Stanley in 2005 as its chief operating officer.
In 2011, the Obama administration appointed Nides as deputy secretary of state for management and resources. He later returned to Morgan Stanley as vice chairman before being nominated by President Biden as U.S. ambassador to Israel in 2021.
“I am wholly supportive of Tom’s decision. He came to Wells Fargo as a dedicated public servant, and he wants to fully commit his time and energy to urgent global issues during a time of grave need.” Scharf said in a statement. “We are lucky to know Tom and we all thank him for his dedication and willingness to help find solutions in one of the most complicated issues in the world today.”
