Wells Fargo Taps BNY Mellon's Mike Santomassimo as Next Chief Financial Officer

Wells Fargo & Company has selected Mike Santomassimo to assume the role of Chief Financial Officer, marking a significant leadership transition at the banking giant. Santomassimo, who currently serves as CFO at BNY Mellon, will transition into his new position in fall 2020, reporting directly to CEO Charlie Scharf and joining the company’s Operating Committee.

Strategic Leadership Transition

The appointment comes as John Shrewsberry, who has led Wells Fargo’s finance operations for the past six years, prepares to retire after a 22-year tenure with the organization. Shrewsberry will remain in his CFO position through Santomassimo’s arrival to ensure a smooth handover and will continue supporting the transition process thereafter. His departure represents the conclusion of a distinguished career spanning over 28 years in financial services.

Who Is Mike Santomassimo?

Santomassimo brings more than two decades of banking and finance leadership experience to the role. Most recently at BNY Mellon since 2018, he oversaw the firm’s finance function alongside responsibilities for regulatory relations, enterprise resiliency, third-party governance, and corporate services. His tenure included stewardship of the company’s Investment Services CFO position.

Before joining BNY Mellon, Santomassimo spent 11 years at JPMorgan Chase in multiple senior finance positions. His experience there encompassed serving as CFO for the Banking division—covering Investment Banking advisory and capital markets operations—as well as leading finance for Securities Services and U.S. Private Banking. His career began at Smith Barney, where he held key roles including co-heading the Strategy and Finance team for the brokerage operations.

CEO’s Perspective on the Appointment

Charlie Scharf praised the selection, describing Santomassimo as a strategic-minded finance leader with a proven track record in building and scaling global finance organizations. “His background as CFO of one of the seven Globally Systemically Important Banks positions him uniquely to drive immediate value for Wells Fargo,” Scharf noted. “His action-oriented approach will make him a vital collaborator with our Operating Committee as we advance the company’s strategic objectives.”

Recognizing Shrewsberry’s Legacy

Scharf also acknowledged Shrewsberry’s significant contributions, particularly his efforts in executing major financial and operational initiatives while preserving the company’s robust capital and liquidity position. Prior to his CFO role, Shrewsberry directed Wells Fargo Securities from 2006 through 2014, overseeing investment banking and capital markets operations. Shrewsberry himself endorsed the appointment, having recommended Santomassimo for the position based on their professional relationship.

About Wells Fargo

Wells Fargo & Company operates as a diversified, community-focused financial services institution with $1.97 trillion in assets. Founded in 1852 and based in San Francisco, the company serves approximately one in three U.S. households through an extensive network of 7,300 locations, over 13,000 ATMs, digital platforms, and 31 countries of international operations, supported by roughly 266,000 employees.