With Sommers' appointment, Scharf is continuing to hire men mostly with experience at JPMorgan, drawing on a pool of talent he's intimately familiar with and that cannot be tied to Wells Fargo's previous turmoil and mismanagement.
There's head of public affairs Bill Daley, who was a former executive of JPMorgan and BNY Mellon. Ray Fischer, who heads up cards, retail, and merchant services, spent 14 years at JPMorgan in a similar unit there. Michael Cleary, who joined earlier this year to lead sales practices oversight and management, worked at JPMorgan for 13 years.
Earlier this year, Scharf announced a reorganization, splitting three business lines into five; wealth was largely untouched by structural change — and in the wider wealth management and brokerage industry. "I would expect to see more appointments like this. Not necessarily from JPMorgan all the time, but I think there will be more change at the business line heads of Wells Fargo over time as Charlie continues to rethink both the strategy and composition of his executive team," Usdin, who has met Sommers and called him "knowledgable and skilled in the businesses he's run at JPMorgan," said Thursday in a phone interview.
A huge climb to restore their reputation.
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