Dive Brief:
- Wells Fargo is combining its treasury management and global payment solutions units under one umbrella — global treasury management — and is hiring a BNY Mellon executive to lead the effort, the bank announced Tuesday in a press release.
- Paul Camp, who has been BNY Mellon’s CEO of treasury services since August 2018, will join Wells Fargo in November and report to both Perry Pelos, the bank’s commercial banking CEO, and Jon Weiss, who leads its corporate and investment bank, Wells Fargo said Tuesday.
- The move marks the latest tweak to Wells Fargo’s structure imposed under CEO Charlie Scharf. The bank last year hired a new chief compliance officer and installed four chief risk officers (CROs) at the unit level. It also split its wholesale and consumer banking functions in February 2020, essentially turning three units into five.
Dive Insight:
Tuesday’s move — combining Wells Fargo’s global cash management and payments services operations into one arm — is meant to help the bank “leverage its capabilities more effectively to help clients manage their funds and process payments worldwide,” the company said.
It also brings aboard another of Scharf’s former colleagues. Camp worked alongside Scharf for a little more than a year when the latter served as CEO of BNY Mellon before jumping to the top role at Wells Fargo.
Camp wouldn’t be the first BNY Mellon executive to cross over to Wells Fargo in the Scharf era. The bank hired BNY Mellon veteran Mike Santomassimo in July 2020 to become its CFO. Wells Fargo’s chief operating officer, Scott Powell, is another C-level transplant who previously worked with Scharf at Bank One and JPMorgan Chase, and migrated to Wells Fargo in December 2019, two months after Scharf.
Meanwhile, Wells Fargo’s head of treasury management and payment solutions, Danny Peltz — a 31-year veteran of the company — will retire Dec. 15.
Camp has executive-level experience both at big banks and in the fintech sphere — an attribute Pelos noted in Tuesday’s press release. “Paul brings valuable expertise to this role, where he will develop a strategy focused on growth and innovation,” Weiss said in the release. He will lead "efforts to enhance products and services that are foundational to our client relationships.”
Scharf last summer said the bank had too many management layers, and too many resources dedicated to non-core activities. To that end, Tuesday’s move to combine global cash management and payments services is a consolidates operations.
Scharf laid out a goal last year to cut billions of dollars in annual expenses. Some of that was accomplished through job cuts. But Wells Fargo also sold several of its units over the past months, including its asset-management business and student-loan portfolio.