Wells Fargo has appointed former Obama chief of staff Bill Daley to leads its dealings with politicians and the public, as the embattled bank battles to recover from a mis- selling scandal.
The bank, which has been led by new chief executive Charlie Scharf since October 21, said Mr Daley would take over as vice-chairman of Public Affairs on Nov 13. He will sit on the bank’s operating committee and report directly to Mr Scharf.
Wells has been operating under a cap on the size of its balance sheet since early 2018, one of a range of punishments doled out by regulators after 2016 revelations that the bank falsely created millions of customer accounts.
Mr Scharf said Mr Daley was “a strong voice who brings perspectives from the public sector that we in business do not generally have but are critical for us as we make decisions.”
“The addition of Bill and this role to our Operating Committee is an important statement that we want different perspectives on our senior-most management committee and that we will think more broadly about our stakeholders as we move forward.”
Repairing relations with regulators — and customers — is a major priority for the bank’s investors and management alike. Mr Daley’s role is newly created and encompasses everything from media relations to corporate social responsibility.
“I am excited to be able to help with Wells Fargo’s continued transformation and to help shape the bank’s relationship with its customers, regulators and the US public. I look forward to working with a talented executive team to make the new vision for the bank a reality,” Mr Daley said.
As well as acting as Obama’s chief of staff, Mr Daley was Secretary of Commerce in the Clinton administration. His finance career includes a stint as vice-chairman and a member of the executive committees at both BNY Mellon and JPMorgan Chase.
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