July 21, 2020 / 12:54 PM / 15 days ago

Wells Fargo appoints Mike Santomassimo CFO

July 21 (Reuters) - Wells Fargo & Co said on Tuesday it has appointed Mike Santomassimo as chief financial officer to replace John Shrewsberry, who will retire after more than two decades at the bank.

The change at Wells Fargo comes as it gears up to launch a broad cost-cutting initiative this year and as it continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

Santomassimo, who was most recently CFO at Bank of New York Mellon Corp, will join Wells Fargo in fall 2020. (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Shailesh Kuber)

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