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SAN FRANCISCO - Wells Fargo & Company (NYSE:WFC) announced Thursday that Saul Van Beurden, the current CEO of Consumer and Small Business Banking, will lead the company’s artificial intelligence efforts while maintaining leadership responsibilities in consumer banking.
The bank also appointed Kleber Santos, currently CEO of Consumer Lending, as co-CEO of Consumer Banking and Lending alongside Van Beurden. The company indicated this partnership formalizes an existing working relationship between the two executives and will allow Van Beurden to dedicate significant time to driving AI implementation across Wells Fargo.
"Generative and agentic AI will reshape competitive dynamics across every industry, and we are embracing these tools as we have embraced robotic process automation and machine learning for years," said Charlie Scharf, Chairman and CEO of Wells Fargo, in a press release statement.
According to the company, Wells Fargo has already built technical foundations for AI integration, trained over 90,000 employees, and deployed AI tools to more than 180,000 desktops. Van Beurden will partner with business leaders to drive AI transformation throughout the organization and will report directly to Scharf.
The leadership changes come as Wells Fargo positions itself to leverage artificial intelligence across its $2.1 trillion asset portfolio and diverse financial services offerings. The bank ranks 33rd on Fortune’s 2025 list of America’s largest corporations. InvestingPro data shows Wells Fargo is currently undervalued according to Fair Value estimates, with analysts setting price targets up to $101. The company has also been aggressively buying back shares while maintaining a solid 2.14% dividend yield. For comprehensive analysis on Wells Fargo and 1,400+ other US equities, check out the Pro Research Reports available on InvestingPro.
In other recent news, Wells Fargo has announced a quarterly common stock dividend of $0.45 per share, payable on December 1, 2025, to stockholders of record as of November 7, 2025. Additionally, Wells Fargo’s CEO, Charlie Scharf, emphasized the strength of consumer and business credit, indicating no immediate concerns about the banking system’s stability. Following the bank’s third-quarter earnings report, TD Cowen raised its price target for Wells Fargo to $93, maintaining a Hold rating, as the bank’s core earnings per share surpassed analyst expectations. CFRA also increased its price target to $110, citing the removal of Wells Fargo’s asset cap as a significant factor, while maintaining a Buy rating. Furthermore, BofA Securities raised its price target to $100, highlighting Wells Fargo’s unique profitability drivers and superior earnings per share growth, with a Buy rating for the stock. These developments reflect a positive outlook from analysts regarding Wells Fargo’s financial performance and strategic positioning.
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