Wells Fargo reported Q1/20 net income of $653 million, down 88.9% from net income of $2.9 billion in Q1/19. Revenue of $17.7 billion was down 18% from $21.6 billion year over year.
Ellen Patterson will join Wells Fargo as its senior executive vice president and general counsel, effective March 23, 2020. Patterson spent the previous seven years as group head and general counsel for TD Bank.
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.