Wells Fargo & Company has appointed Timothy Sloan as new president and chief operating officer to oversee business operations.
Sloan will continue to retain his current role as head of wholesale banking. He will report to the group’s chairman and CEO John Stumpf.
While, Carrie Tolstedt, head of community banking, Avid Modjtabai, consumer lending head and David Carroll, head of wealth and investment management will report to Sloan.
Sloan, who joined Wells Fargo in 1987, has held several roles within the bank including chief financial officer from 2011 to 2014, chief administrative officer in 2010 managing the staff functions for the company’s brand, reputation management, stakeholder engagement and people development.
Prior to joining Wells Fargo, he worked for three years at Continental Bank in Chicago.
Stumpf said: "As we prepare for Wells Fargo’s future, Tim is an ideal choice to lead one of the best teams in banking as they accelerate investments and drive change that position us for growth and enhance the many ways in which we help our customers succeed financially."