Dive Brief:
- Jon Weiss, the co-CEO of corporate and investment banking at Wells Fargo, is stepping down from his role, effective immediately, but will formally retire June 1, the company announced Thursday.
- Fernando Rivas, who has co-led the unit with Weiss, will become the sole CEO of the CIB, the bank said.
- Weiss, a 20-year Wells veteran, started leading the CIB in 2020. Weiss has been instrumental in increasing the division’s net income by 40% and revenue by 35%, making the business well-placed for future growth, CEO Charlie Scharf noted in a press release.
Dive Insight:
“Jon has a long and distinguished track record of success in financial services, and he has made a lasting impact on Wells Fargo,” Scharf said in a statement Thursday. “His banking expertise is matched only by the strength of his character, his commitment to excellence and his care for the people he’s worked with throughout his 45-year career. We are a better and stronger company because of Jon’s leadership, and we wish him the very best in his future endeavors.”
Weiss joined Wells Fargo in 2005 in investment banking and, in 2008, became the co-head of the investment banking and capital markets division. In 2014, he became the president and head of Wells Fargo Securities and led the wealth and investment management unit from 2017 until 2020, when he was named the CEO of CIB.
“Over the past two decades, it has been my privilege to work with an outstanding group of colleagues and clients at one of America's great banking franchises,” Weiss said in a statement. “Our Corporate & Investment Bank is exceptionally well positioned for continued success with Fernando at its helm. I know that he and our dedicated team will continue to grow the business and serve our clients well.”
Rivas, a JPMorgan Chase alum, was named co-CEO of Wells Fargo’s corporate and investment banking business last May. He spent 28 years at JPMorgan, where he served as its head of North American investment banking before leaving the bank in February 2024, according to his LinkedIn profile.
In February 2024, Wells hired Doug Braunstein, another JPMorgan veteran, as its vice chair to expand its investment banking business.
Wells Fargo has added about 50 senior leadership roles in the corporate and investment bank since 2020, Scharf said at a Bernstein conference last May.
Scharf became the CEO in 2019 and began an overhaul that created a separate CIB unit, which was previously a part of wholesale banking. The newly minted unit focused on supporting the capital markets, banking and investment needs of the bank’s corporate, government and institutional clients.
