Wells Fargo Announces Major Tech Leadership Reshuffle: Bridget Engle Appointed as New Head of Technology

Tech leadership change at Wells Fargo sees Kerrins take up new Gen AI role

Wells Fargo has appointed a new head of technology and shunted current CIO Tracaey Kerrins to head up a newly-created Generative AI team. The bank has recruited Bridget Engle from BNY to be responsible for all technology across the country, taking over the role occupied by Kerrins for the past five years. A 30-year career veteran, Engle served as SEVP and chief information officer at BNY from 2017 until earlier this year. Prior to her role at BNY, she served in several roles at Bank of America, including as the CIO of Consumer Banking as well as CIO of Global Banking and Markets. Under the re-org, Kerrins will serve as the head of consumer technology and will lead a new Generative AI team, which will be responsible for driving the adoption of the technology across the bank, reporting to Engle. Wells Fargo CEO Charlie Scharf, says: "Bridget is a proven technology leader with deep experience leading large-scale technology transformations across multiple global financial institutions. We have made great progress under Tracy's leadership and Bridget's experience will be invaluable as we continue to modernize our platforms and invest in, scale, and increase innovation across the company." On Kerrins' new role, Scharf says: "Generative AI can help us transform our businesses, improve our customer and client experiences, and enhance the way we work. Our new Generative AI team will work closely with our data and technology platform management teams, as well as each business, on identifying and delivering on the potential of Generative AI responsibly. We are fortunate to have someone with Tracy's background in our company who is ready to take on this new role and lead our Consumer Technology team."

Wells Fargo appoints new head of technology

NEW YORK (Reuters) - Well Fargo has hired former BNY executive Bridget Engle as its new head of technology, according to a release seen by Reuters. Engle who will also be part of the bank's operating committee, reporting to CEO Charlie Scharf, is tasked with looking at technology across the firm. 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 customer and client experiences and enhance the way we work," Scharf said. The fourth largest U.S. bank also emphasized investing in technology in an attempt to grow 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 accounts scandal. It still has eight open consent orders. While the bank has not revealed its technology budgets, some of its larger peers such as JPMorgan Chase have set aside a $17 billion tech budget for this year and have said that implementing AI could add about $1 billion to $1.5 billion in value for the bank.

Wells Fargo appoints new head of technology

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 customer and client experiences and enhance the way we work," Scharf said. The fourth largest U.S. bank also emphasized investing in technology in an attempt to grow 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 accounts scandal. It still has eight open consent orders. While the bank has not revealed its technology budgets, some of its larger peers such as JPMorgan Chase have set aside a $17 billion tech budget for this year and have said that implementing AI could add about $1 billion to $1.5 billion in value for the bank. (Reporting by Nupur Anand in New York)

Bridget Engle to Join Wells Fargo as Head of Technology; Tracy Kerrins to Lead Consumer Technology and Generative AI Teams

Wells Fargo & Company (NYSE: WFC) announced today that Bridget Engle has been named Senior Executive Vice President (SEVP) and Head of Technology, reporting to Wells Fargo CEO Charlie Scharf and joining the company's Operating Committee, effective August 12, 2024. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240730039323/en/ Engle will be responsible for all technology across the Company. She brings more than 30 years of experience managing large, global technology organizations in complex financial institutions. Engle joins Wells Fargo from BNY where she served as SEVP and Chief Information Officer (CIO) from 2017 until earlier this year. Prior to her role at BNY, she served in several roles at Bank of America, including as the CIO of Consumer Banking as well as CIO of Global Banking and Markets, and in various roles at several other financial institutions earlier in her career. The company also announced that Tracy Kerrins will serve as the Head of Consumer Technology and will lead a new Generative AI team, which will be responsible for driving the adoption of Generative AI across Wells Fargo, reporting to Engle. "Bridget is a proven technology leader with deep experience leading large-scale technology transformations across multiple global financial institutions. We have made great progress under Tracy's leadership and Bridget's experience will be invaluable as we continue to modernize our platforms and invest in, scale, and increase innovation across the company," Scharf said. Scharf continued: "Generative AI can help us transform our businesses, improve our customer and client experiences, and enhance the way we work. Our new Generative AI team will work closely with our data and technology platform management teams, as well as each business, on identifying and delivering on the potential of Generative AI responsibly. We are fortunate to have someone with Tracy's background in our company who is ready to take on this new role and lead our Consumer Technology team." Engle said: "I am excited to be joining Wells Fargo at this important time in the Company's transformation. I look forward to working with the team to continue to deliver modernized platforms and drive innovation across the company for our customers and employees." About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories. Cautionary Statement About Forward-Looking Statements This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.