Please ensure Javascript is enabled for purposes of website accessibility

Wells Fargo Names a New CFO

By Eric Volkman - Jul 21, 2020 at 6:14PM

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Mike Santomassimo will take the throne currently occupied by longtime company man John Shrewsberry.

Wells Fargo (WFC 0.00%) is preparing for a change in one of its most important positions. The company announced Tuesday that it has appointed a new CFO, Mike Santomassimo, who will take up his post on an unspecified date this fall.

Santomassimo is to replace the departing John Shrewsberry, who has served in the position for the last six years and is a 22-year veteran of the big bank. Wells Fargo said Shrewsberry will continue in his position until Santomassimo's arrival, and help with the transition for an unspecified period of time afterwards.

The incoming CFO also has long experience working in the banking sector, and this is not his first turn at the wheel.

A partially opened bank vault, lit from within.

Image source: Getty Images.

He has served as CFO of Bank of New York Mellon since 2018, Wells Fargo said, and has been employed in the banking and finance industries for over 20 years. Prior to his CFO stint at Bank of New York Mellon, he was CFO for its investment services business. Before that, he occupied various managerial positions at JPMorgan Chase.

According to a regulatory filing made by Wells Fargo, Santomassimo will receive an annual base salary of $1.75 million for his labors. He will also be eligible for incentive bonuses and stock options. Additionally, he is to receive "buyout" compensation for unvested shares of Bank of New York Mellon he is leaving behind.

Santomassimo will not have an easy job at Wells Fargo. The company still operates under an asset cap placed on the bank by the Federal Reserve, has posted deep losses in the face of the coronavirus pandemic, and is planning to make around $10 billion in cost cuts to help shore up its business.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Invest Smarter with The Motley Fool

Join Over 1 Million Premium Members Receiving…

  • New Stock Picks Each Month
  • Detailed Analysis of Companies
  • Model Portfolios
  • Live Streaming During Market Hours
  • And Much More
Get Started Now

Stocks Mentioned

Wells Fargo & Company Stock Quote
Wells Fargo & Company
WFC
$46.14 (0.00%) $0.00
JPMorgan Chase & Co. Stock Quote
JPMorgan Chase & Co.
JPM
$121.64 (-0.78%) $0.95
The Bank of New York Mellon Corporation Stock Quote
The Bank of New York Mellon Corporation
BK
$44.66 (-0.34%) $0.15

*Average returns of all recommendations since inception. Cost basis and return based on previous market day close.

Related Articles

Motley Fool Returns

Motley Fool Stock Advisor

Market-beating stocks from our award-winning analyst team.

Stock Advisor Returns
394%
 
S&P 500 Returns
127%

Calculated by average return of all stock recommendations since inception of the Stock Advisor service in February of 2002. Returns as of 08/18/2022.

Discounted offers are only available to new members. Stock Advisor list price is $199 per year.

Premium Investing Services

Invest better with The Motley Fool. Get stock recommendations, portfolio guidance, and more from The Motley Fool's premium services.