Wells Fargo Names JPMorgan Veteran Its New Vice Chairman

Braunstein relinquished that position and became vice chairman after Chief Executive Officer Jamie Dimon shuffled top management in the wake of the bad trades.

Under Scharf, Wells Fargo has been seeking to grow into a more formidable Wall Street player to better compete with the likes of JPMorgan and Bank of America Corp.

Braunstein spent nearly two decades at JPMorgan and at one time overlapped with Scharf.

While there, Braunstein’s other roles included head of Americas investment banking, head of global M&A, and global head of industry coverage.

In September, Wells Fargo said Nides, one of Wall Street and Washington’s most connected executives, would join as vice chairman in October — a major hire for the bank as it continues to work its way past a series of missteps.

But weeks into his job, the bank announced that Nides was leaving to focus on the Middle East, which kicked off a search for a permanent replacement. In late January, Blackstone Inc. said it had hired Nides.

(Credit: Bloomberg)