Wells Fargo names JPM veteran as corporate and investment bank co-CEO in bulk-up

By Steve Gelsi

Fernando Rivas is joining the bank as it staffs up its investment-banking practice

Wells Fargo & Co. on Wednesday named seasoned banker Fernando Rivas as senior executive vice president and co-chief executive of its corporate- and investment-banking unit as builds up its presence in the deal-making space.

Rivas is joining a unit at Wells Fargo (WFC) that has already added more than 50 senior bankers and traders in the past four years.

Jon Weiss, who has worked as chief executive of the corporate and investment bank since 2020, is now co-chief executive of the unit.

Rivas previously worked for nearly 30 years at JPMorgan Chase (JPM) before leaving the bank last year. He was most recently head of North American investment banking for JPMorgan Chase.

A spokesperson for JPMorgan Chase declined to comment on Rivas's new role.

Wells Fargo Chief Executive Charlie Scharf said he's known Rivas for 20 years and has "seen first-hand why so many CEOs regard him as one of the most talented bankers in our industry."

In the first quarter, Wells Fargo's corporate and investment banking net income totaled $1.98 billion, up 9% from the year-ago figure of $1.82 billion and 25% ahead of the previous quarter's total of $1.58 billion.

Wells Fargo's stock price is up by 24.3% in 2024, compared to an 8.7% gain by the S&P 500 SPX.

-Steve Gelsi

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05-08-24 1452ET

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