Wells Fargo has appointed Mike Santomassimo as chief financial officer (CFO), effective from autumn this year.
Reporting to CEO Charlie Scharf, he will serve on the company’s operating committee.
Santomassimo joins from BNY Mellon where Emily Portney has taken on his most recent role as CFO.
At BNY Mellon, in addition to leading finance, he was responsible for the firm’s regulatory relations, enterprise resiliency office, third-party governance, and other corporate services.
Prior to joining BNY Mellon, he spent 11 years at JPMorgan Chase in a number of key finance leadership roles, such as CFO for banking, which included investment banking and treasury services.
During his career, he has also worked as CFO of JPMorgan’s securities services and US private banking businesses.
Commenting on the appointment, Scharf said: “Mike Santomassimo is a strategic-minded CFO with success in building and leading global finance teams that help drive business improvement.”
“His experience as the CFO of one of the other seven Globally Systemic Important Banks in the US puts him in a unique position to have an immediate impact on Wells Fargo. He is action oriented and will be an important partner to me and our entire Operating Committee as we move our company forward.”
Santomassimo will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the company’s CFO.
Shrewsberry will continue in his role as CFO until Santomassimo joins the company and will assist with the transition thereafter.
Shrewsberry’s retirement comes after a financial services career that spans more than 28 years.
Prior to his CFO role, Shrewsberry served as head of Wells Fargo Securities from 2006 through May 2014, where he was responsible for investment banking and capital markets.
Additionally, he has also worked as group head of Wells Fargo Commercial Capital, the successor to a commercial finance company he co-founded that became part of Wells Fargo.
Earlier in his career, he was a vice president in the fixed-income division at Goldman Sachs and in the principal finance and mortgage finance business lines at Credit Suisse First Boston.
Scharf said: “On behalf of the entire Board and management team, I thank John Shrewsberry for his many years of dedication and valuable contributions.”
He also noted: “He is well-respected throughout the company and the financial community for his strategic insight as well as for his commitment and passion for building strong, personal relationships, and we are grateful for his many years of service to the company.”
Shrewsberry added: "The past 22 years have been rewarding thanks to the talented people I have worked with and the work we have led. It has been my privilege to be surrounded by a dedicated team and some of the brightest minds in financial services.”
“I am proud of the progress we have made and the team we have built, and I have every confidence in the Enterprise Finance team to continue the good work we've begun. I have gotten to know Mike Santomassimo over the last couple of years and recommended him for the job. He is an experienced, well-respected CFO and I am excited about what he will bring to Wells Fargo.”
.jpg)