Wells Fargo appointed several new business leaders and changes designed to create a flatter line of business organizational structure and provide leaders with clear authority, accountability, and responsibility.
Richard Payne Jr. has been elected to the Wells Fargo board of directors, effective immediately, and will serve on the board’s Credit Committee.
Charles W. Scharf has been named Wells Fargo chief executive officer and president, and a member of the board of directors, effective October 21. Scharf was chairman and CEO of Bank of New York Mellon.
The Bank of New York Mellon revamped its organizational and leadership structure, effective January 1, 2018. As part of the organizational restructuring, Thomas Gibbons was appointed CEO of Clearing, Markets and Client Management.