Wells Fargo expecting to cut third quarter dividends following the Federal Reserve’s latest stress test.
(Reuters) — Wells Fargo & Co said on Tuesday Mike Santomassimo will replace John Shrewsberry as chief financial officer when he retires in the fall after more than two decades at the firm.
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Since taking over as chief executive in October, Charles Scharf has shaken up leadership at the bank and installed a slew of former colleagues and confidants in top positions. Santomassimo most recently served as Scharf’s CFO at Bank of New York Mellon and previously led the finance teams for various business lines at JPMorgan Chase & Co.
WELLS FARGO PREPARING TO CUT THOUSANDS OF JOBS: REPORT
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & COMPANY | 25.94 | +1.37 | +5.58% |
Shrewsberry, who told Scharf he was considering retirement when he joined the company, will stay on to ensure a smooth transition, the company said. Shrewsberry was named CFO in 2014 after running Wells Fargo Securities and Wells Fargo’s commercial capital division.
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The change at Wells Fargo comes as it gears up to launch a broad cost-cutting initiative this year and continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.