Embattled Wells Fargo has named Bill Daley, who was president Obama’s chief of staff and president Clinton’s commerce secretary, vice chairman of public affairs and member of the operating committee effective Nov. 13.
He’ll will report to Charlie Scharf, who took the CEO job last month.
Daley said he’s “excited to be able to help with Wells Fargo’s continued transformation and to help shape the bank’s relationship with its customers, regulators and the U.S. public."
Wells was rocked by the 2016 phony customer account scandal and has operated with a cap on its balance sheet since early last year.
Daley also has broad experience in the private sector, serving as vice chairman of BNY Mellon and JPMorgan Chase, and president of SBC Communications, which is now AT&T.
He will oversee Wells’ 780 staffers in corporate communications; government relations & public policy; sustainability & corporate responsibility; and corporate philanthropy & community relations.
Founded in 1852, San Francisco-based Wells has $1.9T in assets and 260K employees.