Wells Fargo has named Barry Sommers as the new CEO of its Wealth & Investment Management (WIM) unit.
Upon assuming the new role on 22 June, Sommers will be tasked with managing the delivery of wealth management, investment, and retirement products to clients through the firm’s US-based businesses.
These businesses include Wells Fargo Advisors, The Private Bank and Abbot Downing, as well as Wells Fargo Asset Management.
Sommers will also be a part of the firm’s Operating Committee.
Until Sommers takes charge, Wells Fargo CEO of Corporate & Investment Banking Jonathan Weiss will spearhead the WIM unit.
In the new role, Sommers will report to CEO Charlie Scharf.
Scharf noted: “Barry is a proven leader with deep experience in wealth management. He knows asset management, brokerage, and private banking intimately and also what it takes to build a successful wealth management business inside a large bank.
“His experience, knowledge, and energy will be welcome as we continue our transformation.”
Sommers previously served as the CEO of Wealth Management at JPMorgan Chase, with responsibility for its private bank and brokerage operations.
He was also the CEO of the Consumer Bank, CEO of J.P. Morgan Securities, and the CEO of Chase Wealth Management.
He played an integral role in the build-out of the Chase Private Client Services business.
He also worked for Bear Stearns and Goldman Sachs.
Earlier this year, Wells Fargo WIM CEO Jonathan Weiss stepped down from his role as part of a broader structural change.
Weiss has been named as the CEO of Corporate and Investment Banking (CIB), which is now a separate business line.
In Q1 2020, the WIM arm reported a 20% year-on-year slump in net income due to the market turbulence caused by the Covid-19 pandemic.