Wells Fargo has announced that Kleber Santos will serve as the sole chief executive of its consumer banking and lending business, following the transition of Saul Van Beurden to focus entirely on artificial intelligence initiatives. This change, effective immediately, was disclosed on Thursday.
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Saul Van Beurden, previously the co-CEO of the consumer banking segment, has been tasked with scaling AI across the bank. CEO Charlie Scharf emphasized the significant growth potential in consumer banking and the role AI will play in enhancing operations and customer service. Scharf noted that both Santos and Van Beurden have built substantial momentum in their respective areas, and concentrating their efforts should accelerate progress.
Santos will oversee all aspects of consumer banking and lending, such as consumer deposits, credit cards, business banking, and auto lending. In contrast, Van Beurden will continue to develop AI adoption throughout the bank, including partnerships with AI firms.
During the bank's third-quarter earnings call on October 13, Scharf explained that Wells Fargo is intensifying its focus on AI to increase efficiency and revenue. The technology is evolving from a supportive tool to incorporating autonomous agents aimed at improving operational aspects, risk management, and marketing efforts.
Moreover, Wells Fargo is utilizing AI to better its customer experience by facilitating payments, card replacements, spending insights, and expediting underwriting decisions and customer complaints, as reported by Scharf. The trend of banks establishing dedicated AI roles underscores the growing importance of this technology.
Additionally, Jasmine de Gaia, who leads AI and enterprise data assets at Wells, will join Scotiabank as its chief AI officer beginning January 4, as per the Financial Post. In the latest Evident AI index, Wells Fargo has improved its standing, ranking fifth globally and third in the U.S. concerning talent, innovation, and leadership in AI.