Wells Fargo's co-CEO of investment banking Jon Weiss to step down

(Reuters) - Wells Fargo's co-CEO of corporate and investment banking (CIB), Jon Weiss, has informed the bank of his intention to retire and will step down from his position effective immediately, the company said on Thursday.

Weiss, who has had a two-decade-long career at Wells Fargo, served in a number of roles. He will formally retire on June 1.

"Since Jon started leading CIB in early 2020, CIB net income is approximately 40% higher" said Wells Fargo CEO Charlie Scharf.

Fernando Rivas, who has been leading CIB alongside Weiss, will now be the sole head of the business unit.

(Reporting by Prakhar Srivastava in Bengaluru; Editing by Shailesh Kuber)

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