Wells Fargo's Co-CEO of Investment Banking, Jon Weiss, to Retire

Wells Fargo & Company (NYSE: WFC) announced today that Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB), has informed the company of his intention to retire. Weiss, who has been with Wells Fargo for nearly 20 years, will step down as Co-CEO effective immediately and will formally retire on June 1, 2025. Fernando Rivas, who joined Wells Fargo in May 2024 as Co-CEO of CIB, will become CIB’s sole CEO.

“Jon has a long and distinguished track record of success in financial services, and he has made a lasting impact on Wells Fargo,” said Charlie Scharf, Wells Fargo’s CEO. “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. 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 started his career with Wells Fargo in 2005 in Investment Banking. In 2008, he became Co-Head of the Investment Banking & Capital Markets division and in 2014 he became President and Head of Wells Fargo Securities. In 2017, he was named Head of Wealth & Investment Management, a position he held until February 2020 when he was named CEO of Corporate & Investment Banking.

Weiss stated: “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. I am proud of the business we have built and the way we do business. 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.”

The appointment of Fernando Rivas as Co-CEO in May 2024 was a strategic move by Wells Fargo to prepare for Jon Weiss's eventual departure. This transition period allowed for a smooth handover of responsibilities and relationships, minimizing disruption to the CIB division. Rivas joined as Co-CEO, giving him nearly a year to work alongside Weiss and familiarize himself with the division's operations, key clients, and strategic initiatives. This overlap allowed Rivas to learn from Weiss's extensive experience and gain insights into the division's successes and challenges under his leadership.



Rivas's appointment also allowed for a gradual handover of client relationships, ensuring a seamless transition when he takes over as the sole CEO. This gradual handover of client relationships helps maintain trust and continuity, which is crucial for the division's ongoing success. However, the transition may still present challenges related to institutional knowledge, client concerns, and market uncertainty.

In conclusion, Jon Weiss's leadership has significantly contributed to Wells Fargo's Corporate & Investment Banking division's growth and success, particularly in the areas of net income and revenue. The appointment of Fernando Rivas as Co-CEO in May 2024 has prepared the division for Weiss's departure by facilitating knowledge transfer, relationship building, and a gradual handover of responsibilities. However, the transition may still present challenges related to institutional knowledge, client concerns, and market uncertainty.