Wells Fargo has appointed Bridget Engle, a former BNY executive, as its new head of technology, with the goal of modernizing its platforms and driving innovation. Engle will report directly to CEO Charlie Scharf and will be part of the bank’s operating committee. Scharf highlighted the importance of investing in technology to increase efficiency and improve customer experiences.
The bank has also announced the appointment of Tracy Kerrins to head a new generative AI team, emphasizing the potential for AI to transform its businesses and enhance operations. Wells Fargo is focusing on technology investments to support its growth strategy, despite operating under a $1.95 trillion asset cap imposed by regulators following a fake accounts scandal. The bank still has eight open consent orders that must be addressed before it can resume growth.
While Wells Fargo has not disclosed its specific technology budget, it is looking to follow the lead of its larger competitors, such as JPMorgan Chase, which has set aside a $17 billion tech budget for this year. Implementing AI technologies could add significant value to the bank, with estimates suggesting it could contribute between $1 billion to $1.5 billion in value. Wells Fargo’s focus on technology and innovation reflects its commitment to modernizing its operations and enhancing customer experiences.
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