Wells Fargo's Co-CEO of Corporate and Investment Banking, Jon Weiss, Announces Retirement

Wells Fargo & Company has announced that Jon Weiss, the Co-Chief Executive Officer of Corporate and Investment Banking (CIB), will retire after a distinguished two-decade tenure with the bank. Effective immediately, Weiss will step down from his role, with his formal retirement date set for June 1, 2025.

Weiss joined Wells Fargo in 2005, initially focusing on investment banking. Over the years, he ascended to various leadership positions, including co-head of the Investment Banking & Capital Markets division in 2008 and president and head of Wells Fargo Securities in 2014. In 2017, he was appointed head of Wealth & Investment Management, a role he held until February 2020, when he became CEO of Corporate & Investment Banking.

Under Weiss's leadership since early 2020, the CIB division experienced significant growth. According to Wells Fargo CEO Charlie Scharf, "Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher."

Fernando Rivas, who has been co-leading the CIB division alongside Weiss since May 2024, will now assume sole leadership of the unit. Rivas joined Wells Fargo after nearly 30 years at JPMorgan Chase, where he held various senior roles, including head of the Financial Institutions Group and head of Latin America Banking.

Weiss's retirement marks the end of a notable chapter in Wells Fargo's leadership. His contributions have been instrumental in shaping the bank's corporate and investment banking strategies, leading to substantial growth and development within the division.

As the financial industry continues to evolve, leadership transitions such as this are pivotal. Wells Fargo's appointment of Rivas underscores the bank's commitment to leveraging experienced leadership to navigate the complexities of the corporate and investment banking landscape.

In summary, Jon Weiss's retirement signifies a significant leadership change for Wells Fargo's Corporate and Investment Banking division. His impactful tenure leaves a legacy of growth and strategic development, with Fernando Rivas poised to continue this trajectory as he takes on sole leadership of the division.