Jonathan Weiss, head of Wells Fargo Securities, was tapped to succeed David Carroll, a 38-year Wells Fargo veteran who is retiring from his post as leader of the company's Wealth and Investment Management division on July 1.
Carroll will remain with Wells Fargo until the end of July to ensure a smooth transition, the bank announced Thursday.
As head of Wealth and Investment Management, Weiss will report to Wells Fargo President and CEO Timothy Sloan. He will be based in New York and join the company's Operating Committee, the bank said.
Weiss has served as president of Wells Fargo Securities since May 2014. Prior to that, he was co-head of Investment Banking and Capital Markets. He joined Wells Fargo in 2005 from J.P. Morgan.
"Jon's significant and diverse expertise in financial services … will ensure we continue to deliver market-leading investment advice and services to our clients across our wealth and investment businesses," Sloan said in a statement.
Sloan lauded Carroll's accomplishments as head of Wealth and Investment Management, saying he "achieved a compound annual growth rate in after-tax earnings of 26% for the last eight years." He also commended him for developing "talent, strategies and best practices" that Sloan said "will serve Wells Fargo for years to come."
Wealth management executives command large enterprises at many financial institutions and are getting paid handsomely for it.
Carroll's long tenure with the bank began in 1979 when he joined Wachovia Bank & Trust Company. From 2005 until the merger with Wells Fargo, Carroll served as senior executive vice president and head of Wachovia's Capital Management Group, which included retail brokerage (Wachovia Securities), asset management (Evergreen Investments) and Retirement and Investment Products.
Sloan praised Carroll's successful track record with Wells Fargo. "David's leadership over three decades has led to a fundamental transformation of the businesses he's managed," Sloan said.
