Wells Fargo is one of the largest and most diversified financial services companies in the United States, with over $1.9 trillion in assets and more than 260,000 employees. The company provides banking, investment, mortgage, and consumer and commercial finance products and services to millions of customers across the country and around the world.
To manage its vast and complex financial operations, Wells Fargo relies on the expertise and leadership of its chief investment officers (CIOs), who are responsible for overseeing the company’s investment portfolios, strategies, and policies. Wells Fargo has several CIOs who serve different segments of its business, such as Wealth & Investment Management (WIM), Private Wealth Management (PWM), and Corporate Finance. In this article, we will introduce some of the key CIOs of Wells Fargo and their roles and responsibilities.
Michael P. Santomassimo: Senior Executive Vice President and Chief Financial Officer
Michael P. Santomassimo is the senior executive vice president and the chief financial officer (CFO) of Wells Fargo, a position he assumed in November 2020. As the CFO, he is responsible for the company’s financial management functions, including accounting and control, financial planning and analysis, line of business finance functions, asset-liability management, treasury and tax He is also responsible for the company’s investment portfolios, corporate development, and investor relations. He serves on the Wells Fargo Operating Committee and is based in New York.
Santomassimo is a 25-year veteran of banking and investing, who previously served as the CFO of BNY Mellon, where he was responsible for the controller, treasury, investor relations, strategic planning, corporate development and tax functions, as well as its leasing businesses. He also oversaw business resiliency, regulatory relations, and corporate services at BNY Mellon. Prior to joining BNY Mellon in 2016, he was the CFO of Banking at JPMorgan Chase, which included investment banking (advisory and equity & debt capital markets) and treasury services. He also served as the CFO of JPMorgan’s securities services & U.S. private banking businesses and ran the strategy and finance team for Smith Barney’s brokerage division.
Santomassimo earned his bachelor’s degree in finance from The American University and an executive MBA from New York University. He serves as a member of the board of trustees of The Peck School in Morristown, New Jersey.
Adam Taback: Chief Investment Officer for Private Wealth Management
Adam Taback is the chief investment officer for Wells Fargo Private Wealth Management (PWM), a division of WIM that provides comprehensive wealth management services to high-net-worth individuals and families. He was named to this position in November 2019. As the CIO for PWM, he is responsible for leading the investment strategy team that provides customized asset allocation guidance, portfolio construction advice, manager research and due diligence, risk management tools, and market insights to PWM clients and advisors. He also oversees the PWM Investment Committee that sets the strategic asset allocation framework for PWM clients.
Taback is a company veteran who joined Wells Fargo in 1996 as an equity analyst in WIM’s research department. He has held various leadership roles within WIM over his 24-year career at Wells Fargo, including head of global alternative investments for WIM; head of alternative investments for Wells Fargo Advisors; head of capital markets for WIM; head of portfolio management for WIM; head of equity research for WIM; director of research for Evergreen Investments; co-head of equity research for Wachovia Securities; director of equity research for First Union Securities; and senior equity analyst for First Union Capital Markets.
Taback earned his bachelor’s degree in economics from Emory University and his MBA from Duke University’s Fuqua School of Business. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.
Darrell Cronk: Chief Investment Officer for Wealth & Investment Management
Darrell Cronk is the chief investment officer for Wealth & Investment Management (WIM), a division of Wells Fargo that provides financial products and services through various bank and brokerage affiliates of Wells Fargo & Company. He was appointed to this role in January 2015. As the CIO for WIM, he leads a team of more than 100 investment professionals who provide market analysis, investment guidance, portfolio management solutions, asset allocation strategies, manager research and selection, risk management tools, economic commentary, and thought leadership to WIM clients and advisors. He also chairs the WIM Investment Strategy Committee that sets the strategic and tactical asset allocation guidance for WIM clients.
Cronk is also the president of Wells Fargo Investment Institute (WFII), a subsidiary of Wells Fargo that provides investment research, strategy, manager research, and thought leadership for the Wealth and Investment Management division of Wells Fargo, which includes Wells Fargo Private Bank, Wells Fargo Advisors, Wells Fargo Institutional Retirement, and Abbot Downing businesses. He oversees the WFII governance structure, which includes the WFII Board of Managers, the WFII Operating Committee, and the WFII Investment Policy Committee.
Cronk joined Wells Fargo in 1999 as an equity analyst in WIM’s research department. He has held various positions within WIM over his 22-year tenure at Wells Fargo, including regional chief investment officer for The Private Bank; director of equity strategy for Wells Fargo Advisors; director of equity research for Wachovia Securities; director of equity research for First Union Securities; and senior equity analyst for First Union Capital Markets.
Cronk earned his bachelor’s degree in finance from Iowa State University and his MBA from Drake University. He holds the Chartered Financial Analyst (CFA) designation and is a member of the CFA Institute.
Wells Fargo’s chief investment officers are key leaders who oversee the company’s investment portfolios, strategies, and policies across different segments of its business. They have extensive experience and expertise in banking and investing, and they provide valuable guidance, advice, and insights to Wells Fargo’s clients and advisors. They also play an important role in shaping the company’s vision, values, and culture.