Investment Banking Leader Jon Weiss, Co-CEO of Corporate & Investment Banking, to Retire
Wells Fargo & Company (NYSE: WFC) has announced that Jon Weiss, Co-CEO of Corporate & Investment Banking (CIB), will retire from the company after nearly two decades of service. Weiss, who has been a significant figure in the firm’s growth and success, informed Wells Fargo of his decision to retire, effective June 1, 2025. In the interim, he will step down immediately from his role as Co-CEO. Fernando Rivas, who joined Wells Fargo as Co-CEO of CIB in May 2024, will take over as the sole CEO of the division following Weiss’ departure.
In a statement, Charlie Scharf, CEO of Wells Fargo, expressed deep appreciation for Weiss’s contributions. “Jon has a long and distinguished track record of success in financial services, and he has made a lasting impact on Wells Fargo,” Scharf said. He further emphasized that under Weiss’s leadership, CIB experienced a 40% increase in net income and a 35% rise in revenue, positioning the business for continued growth. Scharf also praised Weiss’s expertise and personal qualities, saying, “His banking expertise is matched only by the strength of his character, his commitment to excellence, and his care for the people he’s worked with throughout his 45-year career. We are a better and stronger company because of Jon’s leadership.”
Weiss began his career at Wells Fargo in 2005 in Investment Banking. He quickly rose through the ranks, becoming Co-Head of the Investment Banking & Capital Markets division in 2008. In 2014, he was appointed President and Head of Wells Fargo Securities, and in 2017, he became Head of Wealth & Investment Management. Weiss’s leadership journey culminated in his appointment as CEO of CIB in February 2020, a role that saw him guide the division through a period of remarkable growth.
Reflecting on his tenure, Weiss shared, “Over the past two decades, it has been my privilege to work with an outstanding group of colleagues and clients at one of America’s great banking franchises. I am proud of the business we have built and the way we do business. Our Corporate & Investment Bank is exceptionally well positioned for continued success with Fernando at its helm. I know that he and our dedicated team will continue to grow the business and serve our clients well.”
Under Weiss’s leadership, CIB not only saw impressive financial growth but also made significant strides in positioning itself for the future. The division’s transformation and growth have solidified Wells Fargo’s standing as one of the leading financial institutions in the industry. While Weiss is stepping down, the business he helped build is poised for continued success under Rivas’s leadership.
Fernando Rivas, who has already been working alongside Weiss as Co-CEO since May 2024, is well-regarded for his expertise and experience in the financial services industry. His appointment as the sole CEO of CIB ensures a smooth transition for the division and maintains continuity in leadership.
As one of America’s largest financial institutions, Wells Fargo is recognized for its diverse array of banking, investment, and mortgage products and services. The company, with nearly $1.9 trillion in assets, operates through four key segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo also maintains a strong commitment to social impact, focusing on building an inclusive and sustainable future through initiatives that support housing affordability, small business growth, financial health, and the transition to a low-carbon economy.
Wells Fargo’s CIB division, under Weiss’s leadership, has experienced significant advancements in both financial performance and operational capabilities. Weiss’s retirement marks the end of an era for the division, but his legacy will remain a key part of Wells Fargo’s ongoing success. As Rivas steps into the role of sole CEO, he will continue to build on the foundation laid by Weiss, driving the division forward and ensuring it remains well-positioned for the challenges and opportunities of the future.
Wells Fargo is ranked No. 34 on Fortune’s 2024 list of America’s largest corporations, a testament to its enduring strength and influence in the financial industry. With a continued focus on delivering value to clients and contributing to societal well-being, the company is well-equipped for the future under its new leadership.
As Weiss prepares for his retirement, the Wells Fargo community expresses its gratitude for his leadership and wishes him the very best in his future endeavors.
