(Bloomberg) — Jon Weiss, co-chief executive officer of Wells Fargo & Co.’s corporate and investment bank, plans to depart, leaving Fernando Rivas the sole leader of a unit the bank has been beefing up with major hires.
Most Read from Bloomberg
-
Manhattan’s Morning Commute Time Drops With New Congestion Toll
-
US Students’ Reading Scores Drop to Worst in More Than 20 Years
-
Texas HOA Charged With Discrimination for Banning Section 8 Renters
Weiss, 67, the longest-standing member of the operating committee, will step down immediately from his role atop the CIB and retire formally on June 1, the San Francisco-based company said in a statement Thursday. Rivas, 50, joined Wells Fargo in May after almost three decades at JPMorgan Chase & Co.
“Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher, revenue is approximately 35% higher and the business is well-positioned for future growth,” CEO Charlie Scharf said in the statement.
Wells Fargo, the fourth-biggest US bank, has been trying to build its presence on Wall Street since Scharf took over in 2019. One of his first moves after taking the top job was to split the corporate and investment bank into its own division reporting directly to him. Weiss has been atop the unit since 2020, leading it to its first spot among the top 10 merger advisers in 2022.
The division earned $7.34 billion last year, more than a third of total profit and an increase of 14% from 2023.
The strategy has been to focus on business lines and industries where Wells Fargo already has credibility, and lean on existing C-suite relationships to ensure the bank is included on deals.
Most Read from Bloomberg Businessweek
-
Indy Pass, the Anti-Vail Seasonal Ski Ticket, Is Gaining Fans
-
What America’s Tech Billionaires Really Bought When They Backed Donald Trump
©2025 Bloomberg L.P.