Wells Fargo & Company recently announced that it has secured a new Chief Financial Officer (CFO) with Mike Santomassimo to join the company in this capacity in fall 2020.
As the CFO of Wells Fargo, Santomassimo will report directly to the CEO, Charlie Scharf, and will serve on the financial services company’s Operating Committee, the company said in a statement earlier today.
Santomassimo will succeed John Shrewsberry, who has been with Wells Fargo for 22 years, with the last six of those years spent as the CFO. Shrewsberry is leaving the bank to retire but will remain on until Santomassimo joins the company, and will assist with the transition.
As the CFO, Santomassimo brings with him more than two decades of leadership experience in banking and finance and has held the position of CFO at BNY Mellon since 2018.
At BNY Mellon, Santomassimo was also responsible for the bank’s regulatory relations, enterprise resiliency office, third-party governance, and other corporate services.
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Santomassimo joins Wells Fargo from BNY Mellon
Before he was working for BNY Mellon, Santomassimo spent 11 years at JPMorgan Chase. Over the course of his tenure, he worked in a number of finance leadership roles, such as CFO for Banking, and CFO of JPMorgan’s Securities Services & U.S. Private Banking businesses.
Commenting on the appointment, Scarf said in the statement: “Mike is a strategic-minded CFO with success in building and leading global finance teams that help drive business improvement.
“His experience as the CFO of one of the other seven Globally Systemic Important Banks in the U.S. puts him in a unique position to have immediate impact on Wells Fargo. He is action oriented and will be an important partner to me and our entire Operating Committee as we move our company forward.”
Shrewsberry retires after 28 years in finance
Shrewsberry will be heading into retirement after more than 28 years in the financial services. Before he was the CFO of Wells Fargo, he served as head of the Wells Fargo Securities from 2006 through May 2014.
“The past 22 years have been rewarding thanks to the talented people I have worked with and the work we have led. It has been my privilege to be surrounded by a dedicated team and some of the brightest minds in financial services,” Shrewsberry said on his departure int he statement.
“I am proud of the progress we have made and the team we have built, and I have every confidence in the Enterprise Finance team to continue the good work we’ve begun. I have gotten to know Mike over the last couple of years and recommended him for the job. He is an experienced, well-respected CFO and I am excited about what he will bring to Wells Fargo.”