Wells Fargo has appointed Fernando Rivas as co-CEO of corporate and investment banking (CIB) and a member of the company’s operating committee. He will lead the business with Jon Weiss, who has been CEO since 2020, and reports to CEO Charlie Scharf.
Rivas has close to 30 years of industry experience, all of which has been spent with JP Morgan Chase & Company. Most recently he was head of investment banking, before which he was co-head of the firm’s global financial institutions group.
Rivas held a number of roles at the company, spending three years in London as an analyst, associate and then vice president for the EMEA financial institutions group. He then spent 19 years in the North American FIG division.
Commenting on his appointment, Rivas said: “I am excited to partner with Charlie, Jon and the CIB leadership team to build on the strong momentum in the business, capture the enormous opportunity inherent in Wells Fargo’s franchise and deliver the excellence and humanity that are the cornerstones of an exceptional financial services business.”
Scharf added: “CIB has been an important part of the company for decades, and we have been carefully and methodically investing under Jon’s leadership to deepen and broaden our capabilities. We have added over 50 senior bankers and traders since 2020 and have seen the positive impact with increased revenue and market share.”
“[Riva’s] deep knowledge of our industry and keen strategic sense make him a great addition to our operating committee, and his background and skills will complement the terrific team Jon has put together.”
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