Wells Fargo Names New Technology Head, According to Reuters

By Nupur Anand

NEW YORK – Wells Fargo has appointed former BNY executive Bridget Engle as its new head of technology, as reported in a recent announcement. Engle will also serve on the bank’s operating committee, reporting directly to CEO Charlie Scharf, and will oversee technology initiatives across the organization.

Scharf emphasized that Engle’s role is vital in the bank’s ongoing efforts to modernize its platforms and enhance innovation by investing in scalable solutions. Additionally, the bank revealed Tracy Kerrins as the leader of a new generative AI team aimed at promoting the integration of AI technologies within the institution.

"Generative AI can help us transform our businesses, improve customer and client experiences, and enhance our operational efficiencies," Scharf noted.

As the fourth largest bank in the U.S., Wells Fargo has been focusing on technology investments to drive growth, as highlighted in its recent second-quarter earnings report.

Despite these efforts, the bank remains under a $1.95 trillion asset cap, imposed by regulators due to unresolved issues stemming from a fake accounts scandal, and currently has eight open consent orders.

While Wells Fargo has not disclosed its technology spending plans, competitors like JPMorgan Chase have allocated a $17 billion tech budget for this year, projecting that AI implementations could generate an additional $1 billion to $1.5 billion in value.