DJ Wells Fargo Stock Pops on New CFO -- Barrons.com
By Teresa Rivas
Wells Fargo stock rose Tuesday after the bank named a new chief financial officer, amid an ongoing management overhaul.
Wells Fargo (ticker: WFC) named Mike Santomassimo its new CFO, replacing John Shrewsberry. Shrewsberry, who will retire in the fall, had spent more than two decades at the firm, and had held the CFO position since 2014. Santomassimo was previously chief financial officer at Bank of New York Mellon (BK).
Shrewsberry is the latest executive to leave Wells Fargo as it struggles to overcome its past scandal and current pandemic-related headwinds. He held onto his position, unlike a number of his C-suite peers, through the fake accounts scandal that came to light in 2016. Management changes have continued at the company, as Wells Fargo Chief Executive Officer Charles Scharf was just named to head the bank in November. Scharf, the former head of BNY Mellon, has been quick to hire outsiders for key positions as he tries to turn the firm around. Thus, Shrewsberry's departure isn't too much of a surprise.
Wells Fargo rose 4% to $25.55 in recent trading. The stock could use the bump, as it's down nearly 53% year to date. Even before the coronavirus pandemic gripped the U.S., Wells Fargo was struggling to overcome its past problems. Since then, it has also had to contend with low interest rates, a dividend cut, and dismal earnings results.
No wonder then that investors might be looking forward to a fresh chapter, with new leadership at the helm.
Write to Teresa Rivas at firstname.lastname@example.org
(END) Dow Jones Newswires
July 21, 2020 12:01 ET (16:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
富国银行(股票代码：WFC)任命迈克·桑托马西莫(Mike Santomassimo)为新的首席财务官，接替约翰·什鲁斯伯里(John Shrewsberry)。Shrewsberry将于今年秋天退休，他在公司工作了20多年，自2014年以来一直担任首席财务官一职。Santomassimo之前是纽约梅隆银行(BK)的首席财务官。
Shrewsberry是最新一位离开富国银行(Wells Fargo)的高管，该银行正努力克服过去的丑闻和目前与流行病相关的逆风。与许多高管不同的是，在2016年曝光的假账户丑闻中，他坚守了自己的职位。随着富国银行(Wells Fargo)首席执行官查尔斯·沙尔夫(Charles Scharf)去年11月刚刚被任命为该行行长，该公司的管理层变动仍在继续。纽约梅隆银行(BNY Mellon)前负责人沙尔夫(Scharf)在试图让公司扭亏为盈时，一直在迅速聘请外部人士担任关键职位。因此，Shrewsberry的离开并不太令人惊讶。