Wells Fargo & Company (NYSE: WFC) today announced that Barry Sommers will join the company as CEO of Wealth & Investment Management (WIM) on June 22, 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 U.S.-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," said 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 J.P. 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," said 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.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.
About Wells Fargo Wealth & Investment Management
Wells Fargo Wealth & Investment Management (WIM) is a division within Wells Fargo & Company. WIM provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company and is one of the largest wealth managers in the U.S., with $1.6 trillion in client assets. WIM serves clients through the following businesses: Wells Fargo Private Bank serves high-net-worth individuals and families; Abbot Downing serves ultra-high-net-worth individuals and families; Wells Fargo Advisors provides investment advice and guidance to clients through 13,450 full-service financial advisors and referrals from 5,489 licensed bankers; and Wells Fargo Asset Management brings together a strategic balance of investment capabilities to serve the investment needs of institutions, financial advisors, and individuals worldwide. Through Wells Fargo Private Bank and Abbot Downing, WIM is also a leading provider of trust, investment and fiduciary services, including personal trust services and a number of specialized wealth services designed to meet the diverse needs of high-net-worth clients.
Wells Fargo Private Bank and Abbot Downing, a Wells Fargo Business, provides products and services through Wells Fargo Bank, N.A. and its various affiliates and subsidiaries. Wells Fargo Bank, N.A. is a bank affiliate of Wells Fargo & Company.
Brokerage services are offered through Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.
Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).
Wells Fargo Bank, N.A. offers various advisory and fiduciary products and services including discretionary portfolio management. Wells Fargo affiliates, including Financial Advisors of Wells Fargo Advisors, a separate non-bank affiliate, may be paid an ongoing or one-time referral fee in relation to clients referred to the bank. The bank is responsible for the day-to-day management of the account and for providing investment advice, investment management services and wealth management services to clients. The role of the Financial Advisor with respect to Bank products and services is limited to referral and relationship management services.
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