Wells Fargo Chief Financial Officer Delivers Key Insights

Wells Fargo's Chief Financial Officer, Michael Santomassimo, has been a key player in shaping the company's financial strategy.

He has been with Wells Fargo since 1998 and has held various leadership positions, including serving as the company's Chief Accounting Officer.

Santomassimo's leadership has been instrumental in driving the company's financial performance, with a focus on improving efficiency and reducing costs.

His experience and expertise have been crucial in navigating the company through challenging economic times.

Wells Fargo's new CFO, Mike Santomassimo, has a long history with JPMorgan, having spent 11 years at the bank before joining Bank of New York Mellon in 2018.

Santomassimo will take on the role of CFO starting in the fall, replacing John Shrewsberry, who is retiring after six years as CFO and 22 years at Wells Fargo.

Wells Fargo's CEO, Charlie Scharf, has made a point to surround himself with JPMorgan veterans, having tapped seven of them to serve on his top leadership team.

The new hires are expected to help Scharf and the operating committee achieve their goal of cutting at least $10 billion in costs, with thousands of job cuts planned to start in 2020.

Santomassimo is expected to be based in New York, further shifting the geographic power balance of the California-based lender.

Wells Fargo's new Chief Financial Officer, Mike Santomassimo, will bring a wealth of experience to the role, having served as CFO of BNY Mellon since 2018.

Santomassimo's tenure at BNY Mellon coincided with Charles Scharf's two-year stint as CEO, and he was responsible for regulatory relations, which will be crucial given Wells Fargo's history of public enforcement actions.

Santomassimo has also served as CFO for BNY Mellon's Investment Services businesses and spent 11 years at JPMorgan Chase, where he worked with Scharf.

The bank is undergoing significant cost-cutting measures, with Scharf aiming to trim expenses by $10 billion, starting this year.

Santomassimo's appointment follows the departure of Shrewsberry, who has been praised for his strategic insight and commitment to building strong relationships.

Shrewsberry will be replaced by Emily Portney, a former executive in BNY Mellon's asset servicing division, who also served as CFO of Barclays International.

Wells Fargo's new CFO will face a challenging task in helping the bank navigate its financial difficulties, including a $1.95 trillion asset cap imposed by the Federal Reserve.