FILE PHOTO: A Wells Fargo ATM machine is proven in Los Angeles, California, U.S. October 19, 2018. REUTERS/Mike Blake/File Photograph
(Reuters) – Wells Fargo & Co (WFC.N), which not too long ago tapped one-time Jamie Dimon protégé Charles Scharf to be its CEO, has employed one other former JP Morgan Chase (JPM.N) govt and former White Home official, William Daley, to go public affairs.
Daley, who was named vice chairman of public affairs, will report on to Scharf and joins the fourth-largest U.S financial institution from Financial institution of New York Mellon, the place Scharf was chief govt officer previous to his newest project.
“I’m delighted to welcome Invoice to Wells Fargo,” stated Scharf in a press release on Thursday. “I’ve identified Invoice and labored with him for a few years and know we are going to profit from his distinctive background.”
Daley, who left BNY Mellon days after Scharf’s exit, had beforehand served on the White Home twice – he was Secretary of Commerce throughout the Clinton administration and was handpicked by Barack Obama in 2011 to be his chief of employees. In 2000, Daley additionally served as chairman of Al Gore’s presidential marketing campaign.
Daley’s appointment at Wells Fargo marks the primary important top-level rent beneath Scharf, an early signal that the brand new CEO might carry in additional of his long-time lieutenants to the scandal-plagued financial institution.
Wells Fargo is working beneath a regulatory microscope, because it tries to rebuild its repute with prospects, buyers and politicians after worker whistle-blowers revealed in 2016 that the financial institution had opened probably hundreds of thousands of unauthorized accounts.
Reporting by Anirban Sen in Bangalore; Enhancing by Bernard Orr