Thomas Nides, a well-connected executive with experience in both Wall Street and Washington, has been appointed by Wells Fargo (NYSE: WFC ) to lead its public affairs group. The news was announced on Friday, as the former U.S. Ambassador to Israel is set to join the San Francisco-based bank as vice chairman and a member of its operating committee.
Nides will be succeeding William Daley, who plans to retire at the end of the year. Daley, a trusted lieutenant to Chief Executive Charlie Scharf, joined Wells Fargo in 2019 as vice chairman of the newly created public affairs group.
In his new role, Nides will report directly to Scharf and work closely with division heads to expand relationships with key clients. He is expected to use his extensive experience across the public and private sectors to advise Scharf and senior management on various issues, including banking and management.
Before joining Wells Fargo, Nides spent nearly a decade at Morgan Stanley, serving in various roles such as chief operating officer, managing director, and vice chairman. His tenure at Morgan Stanley was interspersed with a stint as deputy secretary of state for management and resources in the Obama administration.
The appointment of Nides comes at a crucial time for Wells Fargo, which is still navigating multiple outstanding legal and regulatory issues arising from years of scandal. The bank is currently operating under a Federal Reserve-imposed asset cap limiting its size to what it was at the end of 2017.
Nides is expected to start at Wells Fargo next month.
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