Wells Fargo names Tom Nides vice chairman
Tom Nides, one of Wall Street and Washington’s most connected executives, is joining Wells Fargo & Co. as vice chairman as the firm continues to work its way past years of scandal.
The former U.S. ambassador to Israel will start at Wells Fargo next month and report to Chief Executive Charlie Scharf, according to a memo to employees Friday. He’ll advise Scharf and work with division heads “to expand relationships with our most important clients,” as well as oversee the firm’s public affairs division.
It’s a major hire for the CEO, who took over at Wells Fargo four years agoto turn it around after a series of missteps. The San Francisco-based bank still has multiple outstanding legal and regulatory problems, including a costly Federal Reserve-imposed asset cap limiting its size to what it was at the end of 2017.
“The breadth of Tom’s experience across the public and private sectors will be an important asset to us as we continue to move the company ahead,” Scharf said ina statement. “Tom has managed large institutions, interacted with countless government officials, developed critical relationships with key business leaders and community groups, and seen success at every level of our business.”
Nides, 62, has taken some of the industry’s most prominent trips from Washington to Wall Street and back.
He had been a chief of staff on Capitol Hill and a Fannie Mae executive before joining Morgan Stanley in 1996, leaving the Wall Street bank a year later to return to Fannie. He went back to the bank in 2005 as a top aide to then-CEO John Mack, left to become Hillary Clinton’s deputy secretary of state and again went back to Morgan Stanley before becoming the U.S. ambassador to Israel.
A bank that still needs to convince
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