Wells Fargo Wealth and Investment Head David Carroll to Retire
David Carroll, the head of Wells Fargo’s Wealth and Investment Management division, which includes Wells Fargo Advisors retail brokerage unit, will retire as of July 1, the company said on Thursday.
Jonathan Weiss, who led Wells Fargo’s investment bank and other units under Wells Fargo Securities in New York, will replace Carroll, who had been based in Charlotte, N.C., according to the statement.
Carroll, 60, had been with Wells Fargo and Wachovia, which Wells acquired in 2009, for 38 years and started at Wachovia Bank & Trust Company in 1979, according to his firm biography. Carroll gave notice of his decision May 26 and will stay on as an employee of the company until July 31, the company said in filings.
Carroll was one of seven of Wells Fargo highest-paid executives whose 2016 annual incentive awards were eliminated and whose 2014 performance payout was significantly clawed back in March as the company’s board sought to hold senior executives accountable for the massive fake account scandal in the company’s banking division.
The was withheld or clawed back “as a result of the senior leadership team’s collective accountability for the overall operational and reputation risk for our company” and not because of finding of impropriety, the company said in a statement at the time.
Carroll received a total pay of $9.4 million in 2016, making him the fourth-highest paid executive at the company, according to the proxy.
Carroll’s retirement package will be worth around $23.6 million as of market close on Wednesday, according to a Bloomberg report citing regulatory filings. The majority was held in unvested stock awards.
At least one Wells Fargo manager who spoke on condition of anonymity said that he is looking forward to new leadership, although he noted that Weiss is largely an unknown among Wells Fargo Advisors’ field leaders and its 14,600 brokers.
Wells Fargo’s Wealth and Investment Management Group includes Wells Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo Institutional Retirement & Trust and Wells Fargo Asset Management. It had $1.8 trillion in total assets, according to its most recent earnings report. Around $1.6 trillion of that is held at the retail brokerage.
Wells Fargo has been shuffling executive leadership in its banking division in the aftermath of the fake accounts scandal that was disclosed last September and last week .