Wells Fargo has appointed Jonathan Weiss as its new head of Wealth and Investment Management division, replacing David Carroll who will retire after a 38-year spell at the company.

Weiss will assume the new role on 1 July 2017 and will also join the firm’s operating committee. He will be based in New York and will report to the bank’s president and CEO Timothy Sloan.

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Caroll joined Wells Fargo after the bank’s merger with Wachovia. From 2005 till the merger, he held the role of senior executive vice president and head of Wachovia’s Capital Management Group.

He will remain at Wells Fargo till 31 July 2017 to facilitate a smooth transition.

“David’s leadership over three decades has led to a fundamental transformation of the businesses he’s managed. As head of Wealth and Investment Management, he achieved a compound annual growth rate in after tax earnings of 26 percent for the last eight years and developed talent, strategies and best practices that will serve Wells Fargo for years to come as we become a stronger, better bank for our customers and clients,” Sloan said.

Weiss currently serves as head of Wells Fargo Securities, a role he has been holding since 2014.  He joined Wachovia in 2005 after a 25-year stint at JPMorgan Chase.

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“Jon’s significant and diverse expertise in financial services spanning capital markets, advisory and investment banking will ensure we continue to deliver market-leading investment advice and services to our clients across our wealth and investment businesses”, Sloan added.