News
Wells Fargo names new chief technology officer
By Nupur Anand
NEW YORK (Reuters) – Wells Fargo & Co has hired former BNY executive Bridget Engle as its new chief technology officer, according to a statement seen by Reuters.
Engle, who will also serve on the bank’s operating committee, reporting to CEO Charlie Scharf, is tasked with reviewing technology across the company.
Scharf said the appointment will be important as the bank continues to modernize its platforms and invest in scale in a bid to increase innovation across the company.
The bank also announced the appointment of Tracy Kerrins to lead a new generative AI team to help drive its adoption across the bank.
“Generative AI can help us transform our businesses, improve our customers’ experiences and enhance the way we work,” said Scharf.
The fourth-largest U.S. bank also emphasized investment in technology as it tries to expand its business during its second-quarter earnings earlier this month.
Wells Fargo still operates under a $1.95 trillion asset cap that prevents it from growing until regulators deem it has fixed problems from a fake-account scandal. It still has eight open consent orders.
While the bank has not disclosed its technology budgets, some of its larger peers, such as JPMorgan Chase & Co., have earmarked a $17 billion technology budget for this year and have said that implementing AI could add about $1 billion to $1.5 billion in value to the bank.
(Reporting by Nupur Anand in New York)