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The previous diplomat and Morgan Stanley govt Thomas Nides is becoming a member of Wells Fargo, taking up the megabank’s public affairs division because it continues working by a prolonged record of regulatory points.
Nides, a former U.S. ambassador to Israel beneath the Biden administration, might be vice chairman on the megabank and oversee its lobbying, communications, group relations and philanthropy. He’ll report back to CEO Charlie Scharf and be a part of the financial institution’s working committee, in addition to advise senior administration on banking enterprise and different points.
He’ll take over the publish from one other longtime insider in each Washington, D.C., and on Wall Avenue, Invoice Daley, who just lately introduced his retirement. Previous to becoming a member of Wells, Daley had served each because the chief of workers to President Barack Obama and in senior roles at Financial institution of New York Mellon and JPMorgan Chase.
Nides, who was a high official on the Hillary Clinton-led State Division, spent roughly a decade at Morgan Stanley. He was the funding financial institution’s chief working officer from 2005 to 2010, in line with a biography from the American Academy of Diplomacy, serving on Morgan Stanley’s administration and working committees within the run-up to and aftermath of the monetary disaster.
He joined the Obama administration in 2011 because the State Division’s chief working officer. He later returned to Morgan Stanley as vice chairman earlier than President Biden appointed him because the U.S. ambassador to Israel.
His expertise in the private and non-private sectors “might be an essential asset to Wells Fargo as we proceed to maneuver the corporate forward,” Scharf stated in a information launch.
Scharf was introduced in to overtake Wells Fargo in late 2019 after the corporate’s fake-accounts scandal prompted unprecedented regulatory penalties. That work is constant right now, with the San Francisco-based financial institution remaining beneath an asset cap the Federal Reserve imposed greater than five-and-a-half years in the past.
“The success of our transformation relies upon not solely on the adjustments we make inside Wells Fargo, however on how we work with our stakeholders to deliver these adjustments to life,” Scharf stated in an announcement Friday. “Tom might be instrumental to that work.”
Nides, who will be a part of Wells Fargo subsequent month, stated in an announcement that he is “excited to hitch Wells Fargo at this pivotal time within the firm’s transformation journey.”
Nides began his profession on Capitol Hill and later grew to become president and CEO of the worldwide public affairs agency Burson-Marsteller. He was additionally chief administrative officer of Credit score Suisse First Boston, the U.S.-based funding banking arm of the now-failed Swiss financial institution.
Different previous roles embrace senior vice chairman of Fannie Mae and chief of workers to the U.S. commerce consultant.
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