Wells Fargo names JPM veteran as corporate and investment bank co-CEO in bulk-up

By Steve Gelsi

Fernando Rivas joins the bank while strengthening its investment banking practice

Wells Fargo & Co. on Wednesday named seasoned banker Fernando Rivas senior executive vice president and co-CEO of its corporate and investment banking unit as it strengthens its presence in the trading space.

Rivas will join a unit of Wells Fargo (WFC) that has already added more than 50 high-level bankers and traders in the last four years.

Jon Weiss, who has served as CEO of the corporate and investment bank since 2020, is now co-CEO of the unit.

Rivas previously worked for nearly 30 years at JPMorgan Chase (JPM) before leaving the bank last year. He was most recently head of North American investment banking at JPMorgan Chase.

A JPMorgan Chase spokesman declined to comment on Rivas' new role.

Wells Fargo CEO Charlie Scharf said he has known Rivas for 20 years and has "seen firsthand why so many CEOs consider him one of the most talented bankers in our industry."

In the first quarter, Wells Fargo's corporate and investment banking net revenue totaled $1.98 billion, up 9% from the prior year's figure of $1.82 billion and up 25% from the prior quarter's total. 1.58 billion dollars.

Wells Fargo's stock price will rise 24.3% in 2024, compared to an 8.7% gain for the S&P 500 SPX.

-Steve Gelsi

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05-08-24 1452ET

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