Wells Fargo appoints new head of technology
NEW YORK - Well Fargo has hired former BNY executive Bridget Engle as its new head of technology, according to a release seen by Reuters.
Scharf said the appointment will be important as the bank continues to modernize its platforms and invest in scale in a bid to increase innovation across the company. "Generative AI can help us transform our businesses, improve our customer and client experiences and enhance the way we work," Scharf said.
Wells Fargo still operates under a $1.95 trillion asset cap that prevents it from growing until regulators deem it has fixed problems from a fake accounts scandal. It still has eight open consent orders.) have set aside a $17 billion tech budget for this year and have said that implementing AI could add about $1 billion to $1.5 billion in value for the bank.
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