8-KLeadership ChangesExhibits & Filings

WELLS FARGO & COMPANY/MN 8-K Report, Executive Changes (Jan 30, 2025)

Filed January 30, 2025For Securities:WFCWFC-PDWFC-PCWFC-PYWFC-PAWFC-PLWFCNPWFC-PZ

Summary

Wells Fargo & Company (WFC) announced a significant leadership change within its Corporate & Investment Banking (CIB) division. Effective immediately, Jon Weiss, Co-CEO of CIB, will step down from his role and plans to retire from the company on June 1, 2025. This transition sees Fernando Rivas, who joined WFC in May 2024 as the other Co-CEO of CIB, assuming the position of sole CEO for the division. This move signals a consolidation of leadership in a key business segment for Wells Fargo. Investors should note that while Mr. Weiss's departure is effective immediately from his Co-CEO role, his retirement is staggered, providing a transition period until June 1, 2025. Mr. Rivas's ascension to sole CEO indicates continued confidence in his leadership and his strategic direction for the CIB division. The company has provided a news release as an exhibit to this filing, which may offer further details on the rationale and future plans for the CIB segment.

Key Highlights

  • 1Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB), is retiring from Wells Fargo.
  • 2Mr. Weiss's retirement is effective June 1, 2025, with his stepping down as Co-CEO effective immediately.
  • 3Fernando Rivas, currently Co-CEO of CIB, will become the sole CEO of the CIB division.
  • 4This leadership change consolidates the CIB division under a single CEO.
  • 5Fernando Rivas joined Wells Fargo in May 2024, suggesting a relatively recent but decisive leadership appointment.
  • 6The company has filed an exhibit containing a news release related to this announcement.

Frequently Asked Questions

Jon Weiss has informed the Company of his intention to retire from Wells Fargo. He will step down as Co-CEO of Corporate & Investment Banking (CIB) immediately and fully retire on June 1, 2025.

Fernando Rivas, who joined Wells Fargo in May 2024 as Co-CEO of CIB, will now serve as the sole CEO of the CIB division, effective immediately.

This 8-K filing announces a leadership transition and does not contain specific financial statements or guidance. Therefore, there is no immediate indication of an impact on financial performance directly from this announcement itself. Investors should refer to subsequent financial reports for performance updates.

A news release announcing Mr. Weiss's retirement has been filed as Exhibit 99.1 to this 8-K report and is incorporated by reference, providing additional details.