The latest development within Wells Fargo & Company sees Fernando Rivas assume the prestigious role of Senior Executive Vice President and Co-CEO of Corporate & Investment Banking. The announcement marks a significant change for the banking giant, as Rivas takes the helm alongside Jon Weiss, who has capably served as CIB’s CEO since February 2020.
Rivas brings a wealth of experience, with an illustrious career spanning nearly three decades at JP Morgan Chase & Company. His journey at JPMC led to his role as Head of North American Investment Banking, where he spearheaded market-leading investment banking franchises. His responsibilities also included orchestrating numerous high-profile strategic transactions and capital raises. The decision to appoint Rivas demonstrated Wells Fargo’s mission to fortify its corporate and investment banking foothold.
Charlie Scharf, the CEO of Wells Fargo, conveyed his utmost enthusiasm for Rivas joining the esteemed team, expressing that Fernando’s arrival coincides with an incredibly dynamic phase for the company. The Corporate and Investment Bank has served as a bedrock of operations for decades, and under Jon’s leadership, the company has been diligently investing to expand and diversify. Scharf further lauded Rivas’s distinct expertise, affirming that having known Fernando for two decades, he can attest to his exceptional talents and dedication. Fernando is widely regarded as one of the most skilled bankers in the industry, and his addition to the leadership team aligns with the company’s commitment to presenting top-tier talent.
Weiss, who will now serve as co-CEO alongside Rivas, echoed Scharf’s sentiments, sharing genuine excitement about the partnership. He shared that he had the privilege of forging a relationship with Fernando and is thrilled to explore this collaborative journey. Weiss and Rivas share core values, shared priorities, and a unified vision for the future of CIB, and they eagerly anticipate the synergy that will arise from their partnership.
Rivas himself conveyed his hopefulness about assuming the mantle of leadership, fueled by the desire to collaborate with the esteemed Wells Fargo team. He expressed an eagerness to join forces with Charlie, Jon, and the illustrious CIB leadership team, as together, they are poised to capitalize on the momentum in the business and deliver the quality that defines the global enterprise.
Wells Fargo’s strategic decision to appoint Rivas is one of many efforts to expand and enrich its corporate and investment banking offerings. With Rivas’s extensive experience, proven track record, and visionary leadership, his addition will boost the bank’s competitive edge in investment banking.
Over the past four years, Wells Fargo’s corporate and investment banking unit has experienced a meteoric rise, witnessing substantial growth and expansion. The addition of over 50 seasoned bankers and traders during this period has bolstered the division’s capabilities, and the first quarter of the current fiscal year witnessed a significant uptick in net income for the division, further highlighting its upward trajectory and skilled performance.
Wells Fargo’s soaring stock price reflects investor confidence in the bank’s strategic direction. As Rivas assumes an influential leadership role, the bank is well-positioned to sustain its momentum, drive innovation, and solidify its position as a formidable force in corporate and investment banking.
