Wells Fargo & Company (NYSE: WFC) announced today that Mike Santomassimo will join the company in fall 2020 as Chief Financial Officer. Santomassimo will report to CEO Charlie Scharf and serve on the company’s Operating Committee. He will succeed John Shrewsberry, who has announced plans to retire following a successful 22-year career with Wells Fargo, including the last six years as the company’s CFO. Shrewsberry will continue in his role as CFO until Santomassimo joins the company and will assist with the transition thereafter.
Santomassimo has more than 20 years of leadership experience in banking and finance. He joins Wells Fargo from BNY Mellon, where he was CFO since 2018. In addition to leading Finance at BNY Mellon, Santomassimo was responsible for the firm’s regulatory relations, enterprise resiliency office, third-party governance, and other corporate services. Previously, he served as CFO for the company’s Investment Services businesses. Prior to joining BNY Mellon, he spent 11 years at JPMorgan Chase in a number of key finance leadership roles, including CFO for Banking, which included Investment Banking (advisory and equity & debt capital markets) and Treasury Services. He also served as CFO of JPMorgan’s Securities Services & U.S. Private Banking businesses. He began his career at Smith Barney, where he held a variety of roles including as co-head of the Strategy and Finance team for the brokerage division.
Shrewsberry’s retirement comes after a financial services career that spans more than 28 years. Prior to his CFO role, Shrewsberry served as head of Wells Fargo Securities from 2006 through May 2014, where he was responsible for investment banking and capital markets. Previously, he served as group head of Wells Fargo Commercial Capital, the successor to a commercial finance company he co-founded that became part of Wells Fargo. Earlier in his career, he served as a vice president in the fixed-income division at Goldman Sachs and in the principal finance and mortgage finance business lines at Credit Suisse First Boston.