Jon Weiss joined Wells Fargo in 2005, starting in investment banking. Credit: Noah Sauve/Shutterstock.

Financial services company Wells Fargo has announced the upcoming retirement of Jon Weiss, the co-CEO of corporate and investment banking (CIB).

Weiss, who has been a part of the Wells Fargo team for nearly two decades, will step down from his role with immediate effect and is set to retire on 1 June 2025.

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Fernando Rivas, who joined the company as co-CEO of CIB in May 2024, will take over as the sole CEO of the division.

Weiss’s career at Wells Fargo began in 2005 in the investment banking sector. His journey saw him rise to co-head of the investment banking and capital markets division by 2008, and by 2014, he had become president and head of Wells Fargo Securities.

In 2017, Weiss was appointed head of wealth and investment management, a role he maintained until February 2020, when he was named CEO of corporate and investment banking.

Weiss said: “Over the past two decades, it has been my privilege to work with an outstanding group of colleagues and clients at one of America’s great banking franchises.”

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Wells Fargo CEO Charlie Scharf said: “Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher, revenue is approximately 35% higher and the business is well positioned for future growth.

“His banking expertise is matched only by the strength of his character, his commitment to excellence and his care for the people he’s worked with throughout his 45-year career. We are a better and stronger company because of Jon’s leadership, and we wish him the very best in his future endeavours.”

Wells Fargo, with assets totalling approximately $1.9tn, offers various banking, investment, and mortgage products and services.

It also provides consumer and commercial finance through its four reportable operating segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.