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Investing.com -- Jon Weiss, the co-chief executive officer of Wells Fargo (NYSE:WFC) & Co.’s corporate and investment bank will retire after nearly two decades with the company, according to an announcement on Thursday.
Weiss will immediately leave his position at the helm of the corporate and investment bank and will formally retire on June 1, the San Francisco-based company said.
Fernando Rivas, who joined Wells Fargo in May as co-CEO of the corporate and investment bank (CIB), will take over as the unit’s sole leader.
"Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher, revenue is approximately 35% higher and the business is well-positioned for future growth," said CEO Charlie Scharf in the company’s statement.
The departure of Weiss marks a significant change in the top ranks of Wells Fargo’s corporate and investment bank, but the company remains confident in its future growth under Rivas’ leadership.
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