Wells Fargo CFO to Take Over Wholesale Banking

Wells Fargo announced a small shakeup in leadership. Effective May 15, current CFO Timothy J. Sloan will take over a new position as head of the bank’s Wholesale Banking group, with EVP John R. Shrewsberry stepping up to the CFO role.

Sloan is a veteran at Wells Fargo, having worked at the bank for 26 years. Before stepping in as CFO in 2011, he was Wells Fargo’s chief administration officer, serving prior to that as head of commercial banking, commercial real estate, and specialized financial services.

“There is nobody more suited than Tim to continue our Wholesale Banking business strategy and apply his passion for serving customers to drive new opportunities across an area of the company where he has extensive expertise and abilities,” said John Stumpf, Wells Fargo’s chairman and CEO.

As head of Wholesale Banking, Sloan will succeed David A. Hoyt, who has worked 32 years at Wells Fargo, half of which was spent managing the Wholesale Banking business. After stepping down from his position, Hoyt plans to stay at the bank until June 30, at which point he plans to retire.

Of his retirement, Hoyt said, “It has been a privilege to have been part of Wells Fargo over the years, and especially through the industry’s largest-ever merger. Wells Fargo has never been stronger or enjoyed more valuable customer relationships than it does today. ... I am retiring confident in Wells Fargo’s future and that our wholesale banking customers are in excellent hands.”

Meanwhile, Shrewsberry, currently head of Wells Fargo Securities, will assume oversight of the company’s financial management functions, its investment portfolios, and its corporate properties functions as CFO and senior EVP. Prior to his current position, Shrewsberry was head of Wells Fargo Commercial Capital, the successor to a commercial finance company he co-founded that became part of Wells Fargo in 2001. In addition to his current position, he is also a member of the market risk committee, the enterprise risk management committee, and the firm’s management committee.

“Given his strong financial background spanning more than 20 years and his proven leadership ability, John is well positioned to lead Well Fargo's established world-class finance team,” Stumpf said, adding, “Today’s appointments represent a natural evolution of executive responsibilities at our company. 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.”