Thomas R. Nides to Join Wells Fargo as Vice Chairman
Wells Fargo & Company (NYSE: WFC) announced today that Thomas R. Nides will join the company in October as Vice Chairman, reporting to CEO Charlie Scharf and joining the company's Operating Committee.
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(Photo: Wells Fargo)
As Vice Chairman, Tom will have a broad role across the company. He will be a close advisor to Wells Fargo senior management on a range of issues, including banking and management, and he will work alongside the company's business heads as it continues to expand client relationships. The company's Public Affairs function - which includes Government Relations, Corporate Communications, Corporate Branding, Community Relations, the Wells Fargo Foundation, and other areas - will also report to Tom, tapping into his extensive knowledge and experience in public policy and corporate and social responsibility.
Nides has extensive experience in finance and public policy. He most recently served as the United States' Ambassador to Israel, spending two years as the nation's top diplomat there before leaving his post this past summer. Prior to his time in Israel, he spent nearly a decade at Morgan Stanley as Chief Operating Officer, Managing Director, and Vice Chairman, and serving on the Operating and Management Committees where he focused on the firm's management as well as global client relatinships.
Appointed by President Barack Obama, Tom served as Deputy Secretary of State and Chief Operating Officer of the U.S. State Department and was awarded the nation's highest diplomatic honor by Secretary of State Hillary Clinton for his service.
Tom's time in the private sector began with roles in the investment banking division of Credit Suisse, as well as President and CEO of Burson-Marsteller, a global public affairs firm. He began his career in politics, with a variety of roles on Capitol Hill.
"The breadth of Tom's experience across the public and private sectors will be an important asset to Wells Fargo as we continue to move the company ahead," CEO Charlie Scharf said. "The success of our transformation depends not only on the changes we make inside Wells Fargo, but on how we work with our stakeholders to bring those changes to life. Tom will be instrumental to that work."
Tom Nides said, "I am excited to join Wells Fargo at this pivotal time in the company's transformation journey. I look forward to working with the team to expand our products and services in new and exciting ways, and deepening our relationships with customers, government officials and the people we serve in our communities."
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 47 on Fortune's 2023 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.
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News Release Category: WF-CF