Wells Fargo CFO John Shrewsberry to Leave the Bank After 22 Years


2020/07/21 22:21  Dow Jones Newswires

DJ Wells Fargo CFO John Shrewsberry to Leave the Bank After 22 Years

By Ben Eisen and Dave Sebastian

Wells Fargo & Co. said Tuesday it will replace its long-serving chief financial officer, the latest executive to leave as the bank's new CEO shakes up top management.

The bank said John Shrewsberry would retire in the fall. He will be replaced by Mike Santomassimo, who was chief financial officer at Bank of New York Mellon Corp.

Mr. Shrewsberry, a Wells Fargo veteran of more than two decades and CFO since 2014, was one of the few top executives to stay in his position through the bank's four-year-old fake accounts scandal.

Mr. Santomassimo will join Wells Fargo as the bank homes its focus on cost-cutting. The fourth-largest U.S. bank by assets reported its first loss since 2008 in the second quarter and cut its dividend. Charles Scharf, who joined Wells Fargo as chief executive officer last fall, has said the bank needs to cut $10 billion in expenses annually to be closer in line with its peers, a move that will likely result in widespread layoffs.

Mr. Scharf has brought in a new slate of executives as he tries to turn around the bank and improve its standing with regulators. He has hired extensively from Bank of New York Mellon, where he was previously CEO, and JPMorgan Chase & Co., where he was also an executive.

Mr. Santomassimo became BNY Mellon's CFO in 2018. He was previously finance chief for BNY Mellon's investment services businesses, and spent 11 years at JPMorgan Chase in finance leadership roles.

Succeeding Mr. Santomassimo at BNY Mellon is Emily Portney, BNY Mellon said. She was previously an executive in the bank's asset servicing business. Before that, she served as finance chief for Barclays International and spent 22 years at JPMorgan Chase, where she was head of clearing and collateral management, among other roles.

(END) Dow Jones Newswires

July 21, 2020 10:21 ET (14:21 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

DJ富国银行首席财务官John Shrewsberry将在任职22年后离开世行


富国银行(Wells Fargo&Co.)周二表示,将更换任职时间较长的首席财务长,这是该行新任首席执行长改组最高管理层后离职的最新一位高管。

银行表示,约翰·什鲁斯贝里(John Shrewsberry)将于秋季退休。接替他的将是纽约梅隆银行(Bank Of New York Mellon Corp.)首席财务官迈克·桑托马西莫(Mike Santomassimo)。


桑托马西莫将加盟富国银行(Wells Fargo),因为该行将重点放在削减成本上。按资产计算,这家美国第四大银行第二季度公布了自2008年以来的首次亏损,并削减了股息。去年秋天加入富国银行(Wells Fargo)担任首席执行官的查尔斯·沙尔夫(Charles Scharf)曾表示,该行需要每年削减100亿美元的开支,才能与同行更接近,此举可能会导致大范围裁员。

沙尔夫引进了一批新的高管,他试图扭转该行的颓势,提高其在监管机构中的地位。他从纽约梅隆银行(Bank Of New York Mellon)和摩根大通(JPMorgan Chase&Co.)大量招聘人才,他曾在那里担任首席执行官,同时也是一名高管。

桑托马西莫于2018年成为纽约梅隆银行的首席财务官。他曾担任纽约梅隆银行(BNY Mellon)投资服务业务的财务总监,并在摩根大通(JPMorgan Chase)担任过11年的财务领导职务。

纽约梅隆银行说,接替桑托马西莫在纽约梅隆银行工作的是埃米莉·波特尼(Emily Portney)。她之前是银行资产服务业务的高管。在此之前,她曾担任巴克莱国际(Barclays International)首席财务官,并在摩根大通(JPMorgan Chase)工作了22年,在那里她担任过清算和抵押品管理主管等职务。





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