Wells Fargo CFO, who survived accounts scandal, to retire. BNY Mellon exec to replace him

John Shrewsberry, a longtime Wells Fargo executive who has served as the bank’s chief financial officer for the last six years, announced plans to retire after his successor is in place, the bank announced Tuesday.

Mike Santomassimo will become the bank’s new CFO this fall. He was most recently CFO at BNY Mellon, the bank that Wells Fargo CEO Scharf ran for two years before starting the Wells Fargo job in October.

The departure of Shrewsberry and replacement with another former colleague of Scharf’s nearly completes the new CEO’s revision of the senior management at the bank. Since he took over, he has consistently added scores of former colleagues, with a particular focus on JPMorgan.

Santomassimo worked at JPMorgan from 2005 to 2016. He will be based in New York, like Scharf and many of his hires.

Shrewsberry has served in a variety of leadership roles at the bank over 22 years.

His retirement further deplete the ranks of Wells Fargo veterans in the bank’s management, most of which were purged after the bank’s fake account scandal. Over a decade, hundreds of thousands of bank employees created fake accounts in customers’ names without their consent, among other misconduct.

The move comes as Scharf maps out wide-ranging and deep cuts to the bank, which Santomassimo will likely play a role in implementing. Wells Fargo reported its first quarterly loss since 2008 last week, after the bank was hurt deeply by the novel coronavirus pandemic.

After the results were released, Scharf said that he plans to cut the bank’s expenses by $10 billion annually. Almost all parts of the bank will see belt-tightening, executives said.