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12/3, 1:59 AM (Source: TeleTrader)
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Wells Fargo appoints Scott Powell as new COO

Wells Fargo & Company announced in a statement that its new chief operating officer will be former CEO of Santander Holdings USA, Inc., Scott Powell.

Powell previously worked at high-ranking positions for JPMorgan Chase & Co. and Bank One and was also employed at Citigroup Inc. for 14 years. "He’s the ideal person to take on this new position as we seek to transform Wells Fargo so that high-quality execution, clear accountability and operational excellence become unquestioned components of our culture," CEO and President of Wells Fargo Charlie Scharf said of Powell.

The new COO will be a member of the financial company's Operating Committee and "report directly" to Scharf, according to the press release.

Breaking the News / MS