On January 30, Wells Fargo announced that Jon Weiss, the co-CEO of Corporate and Investment Banking (CIB), will retire immediately. Weiss, who has had a 20-year career at Wells Fargo in various roles, is set to formally retire on June 1.
Wells Fargo CEO Charlie Scharf noted, Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher.
Following Weiss's departure, Fernando Rivas, who worked alongside him, will assume sole leadership of the CIB unit.