Wells Fargo & Co on (NYSE:WFC) Tuesday named a new chief financial officer and wholesale banking leader, in a shake-up of its top ranks.
Dave Hoyt, Wells Fargo's current head of wholesale banking, will leave the bank at the end of June after a 32-year career. He will be succeeded by Chief Financial Officer Tim Sloan.
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Taking over for Sloan will be John Shrewsberry, the head of Wells Fargo Securities, the division that includes the bank's capital markets, sales and trading, and investment banking businesses.
"Today's appointments represent a natural evolution of executive responsibilities at our company," said Chief Executive John Stumpf in a news release. "They also demonstrate the deep bench of high-caliber leaders at Wells Fargo and the value of rotating them into different roles to effect seamless leadership transitions."
In their new positions Shrewsberry and Sloan will report to Stumpf and serve on the bank's operating committee.
For Sloan, the transition marks a return to his roots at the company. He spent 22 of his 26 years at Wells Fargo in the wholesale banking group, including stints as head of commercial banking and commercial real estate.
(Reporting by Peter Rudegeair in New York and Avik Das in Bangalore; Editing by Sriraj Kalluvila and Steve Orlofsky)