Wells Fargo
Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company.

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Our board and management are committed to sound and effective corporate governance practices.

Senior leadership team

William M. Daley , Vice Chairman of Public Affairs
Derek A. Flowers , Senior EVP, Head of Strategic Execution and Operations
David C. Galloreese , Senior EVP, Head of Human Resources
Richard D. Levy , EVP, Controller
Mary T. Mack , Senior EVP, Consumer Banking
Avid Modjtabai , Senior EVP, Payments, Virtual Solutions and Innovation
Amanda G. Norton , Senior EVP, Chief Risk Officer
C. Allen Parker , Senior EVP, General Counsel
Perry G. Pelos , Senior EVP, Wholesale Banking
Scott E. Powell , Senior EVP, Chief Operating Officer
Julie L. Scammahorn , Senior EVP, Chief Auditor
Charles W. Scharf , Chief Executive Officer and President
John R. Shrewsberry , Senior EVP, Chief Financial Officer
Saul Van Beurden , Senior EVP, Head of Technology
Jonathan G. Weiss , Senior EVP, Wealth and Investment Management

© 1999 - 2020 Wells Fargo. All rights reserved. NMLSR ID 399801

https://www.wellsfargo.com/about/corporate/governance/#seniorleadershipteam


William M. Daley
Vice Chairman of Public Affairs
Wells Fargo & Company

Bill Daley is Vice Chairman of Public Affairs for Wells Fargo and leads the Public Affairs organization of approximately 780 team members globally. Public Affairs includes Corporate Communications, Government Relations & Public Policy, Sustainability & Corporate Responsibility, and Corporate Philanthropy & Community Relations.

Bill joined BNY Mellon as Vice Chairman in 2019, where he had responsibility for Government Affairs, Communications, Philanthropy and Corporate Social Responsibility. He was also a member of BNY Mellon’s Executive Committee. In 2010, Bill was appointed Chief of Staff to President Barack Obama, a post he held until 2012. He joined JP Morgan Chase in 2004, where he was Vice Chairman and a member of the Executive Committee with a number of responsibilities, including leading the bank’s corporate responsibility program, until he left to join the Obama administration. In 2001, Bill was appointed President of SBC Communications, leaving there to join JPMorgan Chase. From 1997 to 2000, he was Secretary of Commerce in the Clinton administration. Bill stepped down to run Al Gore's campaign for President in 2000. Prior to joining the Clinton administration in 1997, he was a partner at Mayer, Brown & Platt and was appointed to the board of Fannie Mae by President Bill Clinton in 1993. A lawyer by profession, Bill joined Amalgamated Bank of Chicago as Vice Chairman in 1989 and served as President and Chief Operating Officer of the bank from 1990 to 1993.

Bill has experience as a board member of various public companies and also has served on the boards of a number of academic, medical, charitable and civic organizations. He currently serves as a board member of the Center for Strategic and International Studies, the Chicago Council of Global Affairs, and other charitable and civic organizations.

Bill earned an undergraduate degree from Loyola University and a J.D. from the John Marshall Law School.

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https://www.wellsfargo.com/about/corporate/governance/daley/


Derek A. Flowers

Senior Executive Vice President, Head of Strategic Execution and Operations
Wells Fargo & Company

Derek Flowers is senior executive vice president and head of Wells Fargo’s Strategic Execution and Operations Office, responsible for driving transformation and achieving operational excellence across all of the company’s businesses to enable the company to better execute against our regulatory priorities. A 21-year veteran of the company, he is a member of the Wells Fargo Operating Committee and is based in Charlotte, North Carolina.

Derek was previously Wells Fargo’s chief credit and market risk officer, responsible for leadership and oversight of all credit, counterparty, and market risk undertaken throughout the company. In that role, he oversaw all credit risk through the company’s lending activities and provided oversight of all company and line-of-business credit policies. He also chaired the Credit Risk Management and Market Risk Committees, and assisted management and the Board of Directors in identifying and monitoring credit, counterparty, and market risk.

Before that role, Derek was chief credit and market risk officer for Wells Fargo Securities and Wells Fargo’s Corporate Banking groups, which include the company’s corporate, energy, power and utilities, gaming, restaurant, and sponsor finance businesses. He also had credit responsibilities for the Principal Investing Group and a portion of the treasury portfolio.

Prior to joining Wholesale Credit, he served as the head of credit for Wells Fargo Securities, which included the Asset-Backed Finance and Principal Investing groups as well as customer derivative activities and wholesale counterparty group. He also led the corporate credit investing group within Wells Fargo’s Securities Investment Group and was a manager for the Strategic Initiatives Division of the International and Insurance Services Group.

Derek began his career with Wells Fargo as an assistant loan officer in Wholesale Banking. He subsequently served as a loan officer in multiple wholesale lines of business.

Derek received his B.S. degree in finance and entrepreneurship from the University of Arizona. He received his MBA from the University of Michigan Business School.




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Board of Directors


View the profiles of our Wells Fargo Board of Directors. If you would like to get in touch with a board member, read How to Contact the Board of Directors.
◾ John D. Baker II , Executive Chairman and CEO, FRP Holdings, Inc.
◾ Celeste A. Clark , Principal, Abraham Clark Consulting, LLC, and Retired Senior Vice President, Global Public Policy and External Relations and Chief Sustainability Officer, Kellogg Company
◾ Theodore F. Craver, Jr. , Retired Chairman, President and CEO, Edison International
◾ Elizabeth A. Duke , Chair, Wells Fargo & Company, and Former member of the Federal Reserve Board of Governors
◾ Wayne M. Hewett , Senior Advisor, Permira, and Chairman, DiversiTech Corporation
◾ Donald M. James , Retired Chairman, Vulcan Materials Company
◾ Maria R. Morris , Retired Executive Vice President and Head of Global Employee Benefits business, MetLife, Inc.
◾ Charles H. Noski , Retired Vice Chairman and former Chief Financial Officer, Bank of America Corporation
◾ Richard B. Payne, Jr. , Retired Vice Chairman, Wholesale Banking, U.S. Bancorp
◾ Juan A. Pujadas , Retired Principal, PricewaterhouseCoopers LLP, and former Vice Chairman, Global Advisory Services, PwC International
◾ James H. Quigley , CEO Emeritus and Retired Partner at Deloitte
◾ Ronald L. Sargent , Retired Chairman and CEO, Staples, Inc.
◾ Charles W. Scharf , Chief Executive Officer and President
◾ Suzanne M. Vautrinot , President, Kilovolt Consulting, Inc. and Major General and Commander, United States Air Force (retired)


John D. Baker II


Director since 2009
Executive Chairman and CEO, FRP Holdings, Inc.
Mr. Baker is currently executive chairman and, since March 2017, chief executive officer of FRP Holdings, Inc. (successor to Patriot Transportation Holding, Inc.), a real estate company located in Jacksonville, Florida. From February 2008 until October 2010, he served as the president and chief executive officer of Patriot. Before joining Patriot, Mr. Baker was president and chief executive officer of Florida Rock Industries, Inc. He received a B.A. from Princeton University, and graduated with honors from the University of Florida School of Law. Mr. Baker is also a director of Blue Water Industries Holdings, LLC and a senior advisor for Brinkmere Capital Partners, LLC, a private equity firm. He is a member of the board of trustees of KIPP Schools Jacksonville and Tiger Academy, and chairman of the board of trustees of the YMCA of Florida’s First Coast.

Wells Fargo Board Committees: Audit and Examination Committee, Credit Committee, and Finance Committee

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Wayne M. Hewett

Director since 2019
Senior Advisor, Permira, and Chairman, DiversiTech Corporation

Wayne M. Hewett has served as an advisor to Permira, a global private equity firm, and chairman of DiversiTech Corporation, a leading aftermarket manufacturer and distributor of HVAC products, since March 2018. From August 2015 to November 2017, Hewett was CEO of Klöckner Pentaplast Group, a packaging company. He was president and CEO of Arysta LifeScience Corporation, which at the time was one of the world’s largest privately held crop protection and life science companies, from January 2010 until Arysta’s acquisition by Platform Specialty Products Corporation in February 2015, where he served as president until August 2015. Mr. Hewett’s career has also included more than 20 years with General Electric Company, including as vice president, Supply Chain and Operations; president and CEO of GE Advanced Materials; president and CEO of GE Silicones; president of GE Plastics Pacific; president of GE Toshiba Silicones; and member of GE’s Corporate Executive Council. He currently serves on the board of directors of The Home Depot, Inc. He holds bachelor’s and master’s degrees in Industrial Engineering from Stanford University.

Wells Fargo Board Committees: Corporate Responsibility Committee, Human Resources Committee, and Risk Committee

Learn more about the committees of the Wells Fargo Board of Directors.

Chair of the Board

Elizabeth A. Duke

Audit and Examination Committee
◾James H. Quigley (Chair)
◾John D. Baker II
◾Theodore F. Craver, Jr.
◾Charles H. Noski
◾Ronald L. Sargent

Audit and Examination Committee Charter (PDF)

Corporate Responsibility Committee
◾Celeste A. Clark (Chair)
◾Wayne M. Hewett
◾Ronald L. Sargent
◾Suzanne M. Vautrinot

Corporate Responsibility Committee Charter (PDF)

Credit Committee
◾John D. Baker II (Chair)
◾Celeste A. Clark
◾Elizabeth A. Duke
◾Richard B. Payne, Jr.
◾Juan A. Pujadas
◾Suzanne M. Vautrinot

Credit Committee Charter (PDF)

Finance Committee
◾Theodore F. Craver, Jr. (Chair)
◾John D. Baker II
◾Elizabeth A. Duke
◾Donald M. James
◾Juan A. Pujadas

Finance Committee Charter (PDF)

Governance and Nominating Committee
◾Donald M. James (Chair)
◾Celeste A. Clark
◾Elizabeth A. Duke
◾Ronald L. Sargent

Governance and Nominating Committee Charter (PDF)

Human Resources Committee
◾Ronald L. Sargent (Chair)
◾Wayne M. Hewett
◾Donald M. James
◾Maria R. Morris

Human Resources Committee Charter (PDF)

Risk Committee
◾Maria R. Morris (Chair)
◾Elizabeth A. Duke
◾Wayne M. Hewett
◾Juan A. Pujadas
◾James H. Quigley
◾Suzanne M. Vautrinot

Risk Committee Charter (PDF)




Vision, Values & Goals

Our enduring vision is to help our customers succeed financially. That is supported by our five values, which articulate what’s most important to us. Our six goals clearly state our aspirations and help prioritize our areas of focus.

Our Vision, Values & Goals



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About Wells Fargo
Who We Are
Leadership and Governance
James H. Quigley


James H. Quigley



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Director since 2013
CEO Emeritus and Retired Partner, Deloitte
Mr. Quigley is a retired partner and CEO Emeritus of Deloitte. Prior to retiring in June 2012, Mr. Quigley served as chief executive officer of Deloitte Touche Tohmatsu Limited (DTTL, the Deloitte global network), from 2007 to 2011, and as chief executive officer of Deloitte LLP, the U.S. member firm of DTTL, from 2003 until 2007. He served as a trustee of the International Financial Reporting Standards Foundation from 2012 until December 2017. Mr. Quigley also is chairman of the board of directors of Hess Corporation and a member of the board of directors of Merrimack Pharmaceuticals, Inc. He previously was co-chairman of the TransAtlantic Business Dialogue, a member of the board of trustees of The German Marshall Fund of the United States, a director of the Center for Audit Quality, a trustee of the Financial Accounting Foundation, a member of the U.S. Securities and Exchange Commission Advisory Committee on Improvements to Financial Reporting, and a member of numerous committees of the American Institute of Certified Public Accountants. Mr. Quigley earned a Bachelor of Science degree and honorary Doctorates of Business from Utah State University and Bentley College.

Wells Fargo Board Committee: Audit and Examination Committee and Risk Committee




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Charles H. Noski



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Director since 2019
Retired Vice Chairman and former Chief Financial Officer, Bank of America Corporation

Mr. Noski is a retired vice chairman and former chief financial officer of Bank of America Corporation (a financial services company). Prior to retiring in September 2012, Mr. Noski served as vice chairman of Bank of America from June 2011 until he retired in September 2012, and as chief financial officer of Bank of America from May 2010 until June 2011. He was chief financial officer of Northrop Grumman Corporation (a leading global security company) from 2003 until 2005 and a member of Northrop Grumman’s board of directors from 2002 until 2005. Mr. Noski was chief financial officer of AT&T Corporation (a communications company) from 1999 until 2002 and vice chairman of AT&T during 2002. From 1990 until 1999, he served in various leadership positions with Hughes Electronics Corporation (a digital entertainment company), including president, chief operating officer, and a member of the board of directors. Prior to joining Hughes Electronics as corporate vice president and controller in 1990, Mr. Noski was a partner with Deloitte & Touche.

Mr. Noski is a director and chairman of the audit committees of Booking Holdings Inc. and Microsoft Corporation. He is chairman of the Board of Trustees of the Financial Accounting Foundation, a past member of the Standing Advisory Group of the Public Company Accounting Oversight Board, and a member of the American Institute of Certified Public Accountants, Financial Executives International, and the Audit Committee Leadership Network-North America. He was appointed to the Ernst & Young Independent Audit Quality Committee in 2019. Mr. Noski earned a Bachelor of Science in Business Administration and a Master of Science in Accountancy from California State University, Northridge.

Wells Fargo Board Committee: Audit and Examination Committee




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Director since 2018

Principal, Abraham Clark Consulting, LLC, and Retired Senior Vice President, Global Public Policy and External Relations and Chief Sustainability Officer, Kellogg Company

Dr. Clark has served as a principal of Abraham Clark Consulting, LLC, a health and regulatory policy consulting firm, since November 2011 and consults on health policy, regulatory affairs and leadership development. She is the retired senior vice president of Global Public Policy and External Relations and chief sustainability officer of Kellogg Company, a food manufacturing company. She served as senior vice president of Global Public Policy and External Relations from 2010 and chief sustainability officer from 2008 until 2011. Dr. Clark joined Kellogg in 1977 and held other senior management positions, including vice president of Corporate and Scientific Affairs and senior vice president of Global Nutrition and Corporate Affairs. She also served as president of the Kellogg Corporate Citizenship Fund, Kellogg’s philanthropic entity, and was responsible for Kellogg’s corporate social responsibility initiatives which focused on community engagement, economic development, arts and education, and health and wellness. Dr. Clark is an adjunct professor at Michigan State University in the Department of Food Science and Human Nutrition. Dr. Clark is a member of the board of directors of The Hain Celestial Group, Inc. She has previously served as a director of several other public and private companies, and currently is member of the board of trustees of W.K. Kellogg Foundation. She earned her Bachelor of Science degree from Southern University, Master of Science from Iowa State University, and Ph.D. from Michigan State University.

Wells Fargo Board Committees: Corporate Responsibility Committee, Credit Committee, and Governance and Nominating Committee








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Senior Leadership Team
Committees of the Wells Fargo Board
Vision, Values & Goals


Contact Us

If you would like to get in touch with a board member, visit How to Contact the Board of Directors.


https://www.wellsfargo.com/about/corporate/governance/clark/



About Wells Fargo
Who We Are
Leadership and Governance
Richard D. Levy


Richard D. Levy



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Executive Vice President and Controller
Wells Fargo & Company

Richard Levy is executive vice president and Controller for Wells Fargo & Company. He is responsible for the company's accounting and tax management, financial planning, analysis and reporting, procurement, supply chain management, accounting policy, accounts payable and the company’s compliance with the Sarbanes-Oxley Act.

Rich joined Wells Fargo as Controller in 2002 and has over 30 years of public accounting and financial services industry experience. Before joining the company, he was Senior Vice President and Controller for New York Life Insurance Company. Previously, he was a partner with Coopers & Lybrand where he headed the firms' national tax practice for financial institutions. Before joining Coopers & Lybrand, he was a Senior Vice President at Midlantic Corporation, a New Jersey-based regional bank holding company where he was responsible for all the tax and accounting.

He is an accounting graduate of Pennsylvania State University and received his master's degree in taxation from Pace University's Lubin School of Graduate Studies. He is also a Certified Public Accountant.
https://www.wellsfargo.com/about/corporate/governance/levy/



Suzanne M. Vautrinot



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Director since 2015
President, Kilovolt Consulting, Inc. and Major General and Commander, United States Air Force (retired)

Ms. Vautrinot is currently President of Kilovolt Consulting, Inc., a cyber security strategy and technology consulting firm. She retired from the United States Air Force in October 2013 after 31 years of distinguished service, including as Major General and Commander, 24th Air Force, Air Forces Cyber and Air Force Network Operations from April 2011 to October 2013 where she oversaw a multi-billion dollar cyber enterprise responsible for operating, extending, maintaining, and defending the Air Force portion of the Department of Defense global network. Ms. Vautrinot also served as Director of Plans and Policy, U.S. Cyber Command and Deputy Commander, Network Warfare, U.S. Strategic Command (June 2008 to December 2010), and Commander, Air Force Recruiting Service (July 2006 to June 2008).

She has been awarded numerous medals and commendations, including the Defense Superior Service Medal and Distinguished Service Medal. Ms. Vautrinot is a member of the boards of directors of Ecolab, Inc., Symantec Corporation, Parsons Corporation and the Battelle Memorial Institute. She earned her Bachelor of Science degree from the U.S. Air Force Academy and a Master of Science in systems management from the University of Southern California, and was a National Security Fellow at the John F. Kennedy School of Government at Harvard University. Ms. Vautrinot was elected a member of the National Academy of Engineering in 2017.

Wells Fargo Board Committees: Corporate Responsibility Committee, Credit Committee, and Risk Committee




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https://www.wellsfargo.com/about/corporate/governance/vautrinot/



About Wells Fargo
Who We Are
Leadership and Governance
Perry G. Pelos


Perry G. Pelos



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Senior Executive Vice President, Wholesale Banking
Wells Fargo & Company

Perry Pelos is senior executive vice president and head of Wholesale Banking at Wells Fargo, where he oversees five major lines of business dedicated to helping small, mid-sized, and large commercial and corporate companies succeed financially. Wholesale business lines include Commercial Banking, Commercial Real Estate, Corporate and Investment Banking, Investment Portfolio, and Wells Fargo Commercial Capital. Perry serves on the Wells Fargo Operating Committee and is based in Portland.

Perry began his current role in November 2016. Previously, he served as the head of Commercial Banking Services and oversaw several important Wholesale lines of business, including Business Banking (serving companies with $5 million to $20 million in annual sales), Middle Market Banking (serving companies with $20 million to $1 billion in annual sales), and Corporate Banking (serving large corporations with sales of $1 billion or more), as well as Treasury Management and Insurance.

From 2010 to 2015 he headed Middle Market Banking (formerly named Commercial Banking Group), with responsibility for more than 25 divisions nationwide. Before that, he was division manager for the Middle Market Central division. In 1998, he was appointed head of the Corporate Banking division, and prior to that he held several positions in Middle Market and Corporate Banking. Perry joined Wells Fargo in 1987 in the company’s Commercial Banking training program.

Perry received a B.A. in economics from Northwestern University and an M.B.A. in finance and accounting from Northwestern’s Kellogg School of Management. Perry also serves as a Board Member for the Oregon Historical Society.
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https://www.wellsfargo.com/about/corporate/governance/pelos


First Security swallowed up

Bank is now part of Wells Fargo but will look same for a while

By Deseret News Oct 26, 2000, 10:19am MDT
Max Knudson business editor

There were no fireworks, no lowering the flag to half-staff, no solemn goodbyes and tearful hugs, but a major era in Utah banking ended Wednesday as First Security Corp. officially became a part of San Francisco-based Wells Fargo.

"We went to sleep Tuesday night as First Security and today we find ourselves members of the Wells Fargo team," Scott Nelson told the Women in Business Conference Wednesday afternoon.

More personally, Nelson went to sleep Tuesday night as president and chief executive officer of First Security Bank and awoke Wednesday as regional president and CEO of Wells Fargo's Utah/Southwest Wyoming Community Region.

Meanwhile, it is business as usual for First Security customers and employees locally because the conversion of First Security's products and systems into the Wells Fargo system won't occur until March, said spokeswoman Jackelin Slack.

That's when the First Security signs will begin coming down, customer checks will be changed and employees will have acclimated to answering the phone "Wells Fargo" rather than "First Security," something they weren't doing Wednesday afternoon.

Slack assured that First Security customers will get "plenty of notice" before they need to take any action, such as changing their checkbooks. She said the conversion is being done in phases to make the merger as painless as possible.

First Security banks in Utah, Idaho and Nevada converge in March; California and Nevada in December of this year; and Oregon and New Mexico will complete the changeover in late February, she said. All of the conversions are expected to be completed by mid-2001.

Although the changes are "pretty invisible" to First Security customers at this point, Slack did say that they may already use Wells Fargo ATMs with no changes to their PINs. Conversely, Wells Fargo customers may use First Security ATMs.

Despite the official transition, FSCO (First Security's stock symbol) shares still traded throughout the day on NASDAQ. Slack said the bank filed for delisting Wednesday morning but was told that a stock couldn't be delisted during a trading day. Thus, FSCO was to be delisted Thursday, meaning that Wednesday's closing price was the final price of FSCO shares.

That final closing price was $14.88, down 38 cents. A total of 13.81 million shares were traded on the final day. Over the past 52 weeks, FSCO shares have ranged from a high of $31 to a low of $10.75.

Wells Fargo shares closed Wednesday on the New York Stock Exchange at $42.50, down 81 cents. Their 52-week range is $31 to $49.94.

However, those closing prices have nothing to do with the ratio that FSCO shareholders will receive for their shares: 0.355 of a share of Wells Fargo stock for each FSCO share.

At the time that First Security Chairman and CEO Spencer F. Eccles and Wells Fargo President and CEO Dick Kovacevich reached a "gentlemen's agreement" to merge, on April 3, Eccles negotiated a firm price of $15.50 per FSCO share while Wells Fargo was trading at $43.66 per share. The 0.355 exchange ratio was based on those set prices, according to Brad Hardy, former chief financial officer of First Security and now merger transition manager for the company.

Slack said FSCO shareholders will be receiving information in coming weeks on exchanging their shares for Wells Fargo shares.

The merger was first announced publicly April 10, approved by First Security shareholders July 31, and given a thumb's up by the Federal Reserve Bank on Oct. 10.

With the merger completed, Wells Fargo is now the largest banking franchise in the West, the largest by market share in Utah, Nevada, Idaho and New Mexico, and one of the largest in the United States.

"This merger is not an end in itself, it's the next stage of our vision to satisfy all of our customers' financial needs and help them succeed financially," Kovacevich said Wednesday in a news release.

Although Wells Fargo has the most deposits of any bank in those four states, Kovacevich said Wells has only about 3 percent of its customers' assets when it comes to all of the financial services and products that they need and he vowed to go after a larger share of that business.

Eccles, whose title now is chairman of Wells Fargo's Intermountain Banking Region, said in the same release that the merger "helps all of us in the new Wells Fargo get even closer to becoming one of America's great companies."

With the acquisition of First Security, Wells Fargo now has assets of more than $263 billion and some 114,000 employees in 5,600 locations nationwide. It ranks seventh nationally in assets and third in the market value of its stock among U.S. bank holding companies.

Among other top First Security officers, Morgan Evans, former president and chief operating officer of First Security Corp., will retire. Scott C. Ulbrich, former executive vice president, will stay on as regional managing director of the Wells Fargo Private Client Services, Intermountain Region. Mark Howell, former head of business banking services, will become executive vice president and division manager for wholesale banking in the Intermountain Division of Wells Fargo.

Hardy, former First Security chief financial officer, remains as merger transition manager with a year's contract, but he would not say whether he will stay on with Wells Fargo after the conversion process is completed.

Historically, at least some of the roots of First Security Corp. can be traced back to 1871 when The Bank of Deseret was founded by Brigham Young. It later became Deseret National Bank and then, in 1932, it was merged into the First Security organization, which operated under the names Security National Bank, First National Bank and, in 1948, as First Security Bank N.A.

What became First Security Corp. was launched by brothers Marriner S. and George S. Eccles in June 1928 using the extensive business entities and the six banks that had been the legacy left them by their father, David Eccles, who died in 1912.

The end of the First Security legacy was not the original intent of Spencer F. Eccles. In June 1999, he announced a "merger of equals" with Zions Bancorp. that would have meant Zions' acquiring First Security but the First Security name was to remain for the merged entity.

But it was not to be. A week before the deal was due to close last December, federal regulators ordered Zions to restate the accounting methods used in some of its prior purchases of several other banks. That put the closing on hold, which proved fatal to the deal when the stock of both banks tumbled in March after First Security said its quarterly earnings would be below expectations.

As a result, Zions shareholders voted down the deal as no longer favorable to them and a week later, Eccles announced the merger with Wells Fargo.

E-mail: max@desnews.com


https://www.deseret.com/2000/10/26/19535793/first-security-swallowed-up


Wells Fargo is laying-off equities traders after hiring from Deutsche
by David Rothnie About a day ago
eFC logo

Wells Fargo is laying-off equities traders after hiring from Deutsche

There are some comings and going at Wells Fargo which has started laying off equities traders after picking up senior talent from Deutsche Bank.

The U.S. lender is making the cuts in its equities trading division after admitting that operating costs were higher than expected as it dealt with the fallout of its fake account scandal which claimed the scalp of its CEO Tim Sloane. But one source said the cuts were part of the natural management cycle. “we’re always looking at areas of the business to restructure and reinvest in as a normal course of business,” the source said.

It’s not clear how many staff are affected but cuts come after the bank has been upgrading its ranks, hiring individuals from Deutsche Bank after the German lender closed is global equities business in July.

Wells hired David Murphy, Deutsche’s former co-head of US equities sales and trading, and in August appointed Bran Branken, a former senior equities trader at Deutsche to its Boston office. The bank’s equity trading business is run by Michael Riley and Matthew Brown.

Another source said the bank is looking to continue to grow its investment banking operations, an ambition which will could be tested after Wells said on its second quarter earnings call that its costs would be higher than anticipated this year after it hired thousands of staff to focus on risk controls to appease regulators after a 2016 scandal related to the opening of unauthorised accounts. This additional investment offset cost cutting measures in other areas, said CFO John Shrewsberry. The added compliance burden along with the new arrivals from Deutsche mean that the job cuts should not come as a surprise - and there could be more to come as new CEO Charles Scharf takes the helm next month.

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

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17 September 2019


https://news.efinancialcareers.com/no-en/3002314/wells-fargo-redundancies 


Southern District of California

U.S. Attorneys » Southern District of California » News


Department of Justice
U.S. Attorney’s Office
Southern District of California


FOR IMMEDIATE RELEASE

Thursday, November 15, 2018

Wells Fargo Personal Banker Indicted for Money Laundering

NEWS RELEASE SUMMARY – November 15, 2018

SAN DIEGO – Luis Fernando Figueroa, a former Wells Fargo personal banker, was arrested yesterday by FBI agents and made his initial court appearance today on charges of participating in an international money laundering conspiracy. Figueroa’s apprehension marks the latest in a string of indictments and arrests tied to an international money laundering organization based in Tijuana, Mexico that operated primarily in San Diego, California. Between January and March of 2018, seven leaders of this organization were charged and arrested in San Diego. To date, five of the charged leaders have pleaded guilty.

According to the indictment and other public records, the international money laundering organization laundered approximately $19.6 million dollars in narcotics proceeds on behalf of Mexican-based drug trafficking organizations, including the Sinaloa Cartel, between 2014 and 2016.

The money laundering organization recruited individuals to serve as “funnel account holders” and open personal bank accounts at Wells Fargo Bank and other banking institutions. Other members of the money laundering organization, known as “couriers,” travelled to San Diego, Los Angeles, the East Coast, and other U.S. cities, where they picked up and transported amounts of bulk cash ranging from thousands to hundreds of thousands of dollars in narcotics proceeds.

Once in possession of the money, the couriers deposited the money into the funnel bank accounts controlled by the money laundering organization. These funnel bank accounts were maintained at Wells Fargo Bank, as well as other domestic financial institutions. Subsequently, the funds were transferred from these United States-based accounts via international wire transfers to a series of Mexico-based shell companies operated by the money laundering organization. Once in Mexico, the funds were transferred to representatives of the Sinaloa Cartel.

This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF), a partnership that brings together the combined expertise of federal, state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking, and money laundering organizations and enterprises.

This case is being prosecuted by Assistant U.S. Attorneys Blanca Quintero and Jose Castillo.

DEFENDANT

Name Age Hometown

Luis Fernando Figueroa 30 Tijuana, Mexico

SUMMARY OF CHARGES

Conspiracy to Launder Monetary Instruments (18 U.S.C. § 1956(h)).

Conspiracy (18 U.S.C. § 371).

Operation of an Unlicensed Money Transmitting Business (18 U.S.C. § 1960(a))

Maximum Penalties: Term of custody up to 20 years’ imprisonment, a fine of $500,000 or twice the value of the monetary instrument or funds involved, and 5 years of supervised release.

*The charges and allegations contained in an indictment, information, or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

INVESTIGATIVE AGENCIES

Federal Bureau of Investigation’s San Diego Cross Border Violence Task Force

IRS Criminal Investigations

Topic(s):
Financial Fraud

Component(s):
USAO - California, Southern

Contact:
Cindy Cipriani (619) 546-9608
Press Release Number:
CAS18-1115-Figueroa

Updated November 15, 2018

https://www.justice.gov/usao-sdca/pr/wells-fargo-personal-banker-indicted-money-laundering

U.S. Attorneys » Southern District of California » News

Department of Justice
U.S. Attorney’s Office
Southern District of California

FOR IMMEDIATE RELEASE


Thursday, May 16, 2019

Wells Fargo Personal Banker Pleads Guilty to Money Laundering Charges

Assistant U. S. Attorney Blanca Quintero (619) 546-7118

NEWS RELEASE SUMMARY – May 16, 2019

SAN DIEGO – Luis Fernando Figueroa of Tijuana pleaded guilty in federal court today to money laundering charges, admitting that he worked with others to launder and transfer money to Mexico through accounts he opened up at Wells Fargo as a personal banker.

Figueroa’s arrest by the FBI in November 2018 was the last in a string of indictments and arrests tied to the international money laundering organization based in Tijuana, Mexico but operating primarily in San Diego. To date, eight former members and leaders of the organization have been arrested and charged in San Diego. Six of those arrested have pleaded guilty.

According to the indictment and other public records, the international money laundering organization laundered approximately $19.6 million dollars in narcotics proceeds on behalf of Mexican based drug trafficking organizations to include the Sinaloa Cartel between 2014 and 2016.

“We can’t allow our banks to be laundromats for cartel cash,” said U.S. Attorney Robert Brewer. “Bank employees who launder drug money for traffickers will face prosecution and prison.”

“Today’s conviction shows the dedication and depth of the FBI’s efforts to dismantle money laundering organizations,” said Suzanne Turner, FBI Acting Special Agent in Charge of the San Diego Field Office. “With our law enforcement partners, we will continue to strike at the heart of narcotics trafficking by pursuing each and every member of money laundering organizations who feed the proceeds of illegal and dangerous drug trafficking back to the cartels.”

According to court documents, the money laundering organization recruited individuals to serve as funnel account holders to open personal bank accounts at Wells Fargo Bank and other U.S. banks. Figueroa, as a personal banker with Wells Fargo, admitted in his plea agreement that he knowingly opened personal bank accounts at Wells Fargo for the funnel account holders, knowing that those personal accounts would be used to launder funds to Mexico.

Other members of the money laundering organization, known as couriers, travelled to Los Angeles, Chicago, Charlotte, Boston, New Jersey, and New York City to pick up bulk cash narcotics proceeds that ranged from thousands to hundreds of thousands of dollars in narcotics proceeds. The couriers made contact with individuals holding the bulk cash in private residences or public places such as parking lots and retail stores. The cash was typically concealed in shopping bags, duffel bags or shoeboxes.

Once in possession of the money, the couriers deposited the bulk cash in increments of $22,000 to $45,000 into the funnel bank accounts at Wells Fargo Bank and other U.S. banks controlled by the money laundering organization. The funds were then wire transferred from the funnel accounts to a series of Mexico based shell companies operated by the money laundering organization. Figueroa himself made multiple wire transfers from the funnel accounts knowing that the funds were from unlawful activity. Once in Mexico, the funds were transferred to representatives of the Sinaloa Cartel.

This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force (OCDETF), a partnership that brings together the combined expertise of federal, state and local law enforcement. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking, and money laundering organizations and enterprises. This case is being prosecuted by Assistant U.S. Attorney Blanca Quintero.

DEFENDANT Case Number: 17CR-2203-WQH

Luis Fernando Figueroa Age: 30 Tijuana, Mexico

SUMMARY OF CHARGES

Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h)

Criminal Forfeiture (18 U.S.C. 981(a)(1)(C), 18 U.S.C. 982(a)(1), 28 U.S.C. 2461(c))

Maximum penalty: 20 years’ imprisonment and $500,000 fine

AGENCY

Federal Bureau of Investigation’s San Diego Cross Border Violence Task Force

IRS Criminal Investigations

Topic(s):

Financial Fraud
Component(s):
USAO - California, Southern

Press Release Number:
CAS19-0516-Figueroa

Updated May 16, 2019

https://www.justice.gov/usao-sdca/pr/wells-fargo-personal-banker-pleads-guilty-money-laundering-charges