New Wells Fargo Wealth & Investment Management CEO named
Wells Fargo & Company has appointed Barry Sommers as CEO of Wealth & Investment Management (WIM(, effective 22 June, reporting to CEO Charlie Scharf.
Sommers will have responsibility for the company’s delivery of wealth management, investment, and retirement products and services to clients through its US-based businesses, including Wells Fargo Advisors, Private Wealth Management — comprised of The Private Bank and Abbot Downing — and Wells Fargo Asset Management. He will become a member of the company’s Operating Committee.
“Barry is a proven leader with deep experience in wealth management. He knows asset management, brokerage, and private banking intimately and also what it takes to build a successful wealth management business inside a large bank. His experience, knowledge, and energy will be welcome as we continue our transformation,” says Scharf.
Until April 2019, Sommers was CEO of Wealth Management at JPMorgan Chase, where he was responsible for its private bank and brokerage businesses. Sommers also served as CEO of the Consumer Bank, where he managed the bank branch network. Before that, he spent time as the CEO of Chase Wealth Management, where he helped build the Chase Private Client Services business. He also served as the CEO of JP Morgan Securities. Previously in his career, Sommers was a senior managing director for Bear Stearns, serving as CEO for the private client business; prior to that he was responsible for the mutual fund business. He also spent time at Goldman Sachs in its asset management division.
“I have long admired Wells Fargo, and the way its Wealth & Investment Management business delivers outstanding service to clients,” says Sommers. “I am excited to join the company and do my part to help drive its continued evolution.”
Jonathan Weiss, CEO of Corporate & Investment Banking at Wells Fargo, will continue to lead WIM until Sommers officially begins his new role.