Michael Santomassimo
Summary
Michael Santomassimo is Wells Fargo’s Senior Executive Vice President and Chief Financial Officer, a position he has held since joining the company in October 2020. ([newsroom.wf.com](https://newsroom.wf.com/news-releases/news-details/2020/Wells-Fargo-Names-Mike-Santomassimo-as-New-Chief-Financial-Officer/default.aspx?utm_source=openai))
Biography
Santomassimo is a banking and finance executive with roughly three decades of industry experience. Before Wells Fargo, he was chief financial officer of The Bank of New York Mellon, where he also had responsibility for regulatory relations, enterprise resiliency, and other corporate functions. Earlier, he held finance leadership roles at JPMorgan Chase, including CFO for Banking, and worked in strategy and finance at Smith Barney. ([wellsfargo.com](https://www.wellsfargo.com/about/corporate/governance/santomassimo/?utm_source=openai)) At Wells Fargo, Santomassimo oversees accounting and control, financial planning and analysis, treasury, tax, investor relations, corporate development, asset-liability management, and the company’s investment portfolio. His responsibilities also include the Global Payments & Liquidity and Merchant Services businesses. He earned a finance degree from The American University and an executive MBA from New York University. ([wellsfargo.com](https://www.wellsfargo.com/about/corporate/governance/santomassimo/?utm_source=openai))
Notable achievements
- Helped implement new business-segment reporting, including changes to capital allocation, funds-transfer pricing, and treatment of nonstrategic businesses. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2021-proxy-statement.pdf?utm_source=openai))
- Improved financial planning and reporting discipline by increasing transparency into expense and revenue drivers and strengthening monthly business reviews. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2021-proxy-statement.pdf?utm_source=openai))
- Streamlined finance-owned committees and established more rigorous balance-sheet analysis to support financial-risk management and accountability for control issues. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2021-proxy-statement.pdf?utm_source=openai))
- Supported Wells Fargo’s regulatory-remediation program by pressing finance and business teams to provide resources and meet completion dates. ([www08.wellsfargomedia.com](https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/annual-reports/2024-proxy-statement.pdf?utm_source=openai))
- Managed capital, treasury, investor-relations, and corporate-finance responsibilities during the company’s transition from operating under an asset cap to pursuing growth after its removal in 2025. ([wellsfargo.com](https://www.wellsfargo.com/about/corporate/governance/santomassimo/?utm_source=openai))
Problem areas / controversies
- Santomassimo has not been associated publicly with a major personal misconduct controversy; the principal challenges connected with his role have been company-wide financial, control, and regulatory issues.
- Wells Fargo remained subject to significant regulatory scrutiny during his tenure, including the CFPB’s 2022 consumer-abuse order and later enforcement attention related to anti-money-laundering controls. ([consumerfinance.gov](https://www.consumerfinance.gov/archive/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortgages-and-deposit-accounts/?utm_source=openai))
- His finance organization has been involved in a prolonged cost-reduction program, including workforce reductions and real-estate consolidation, which has drawn attention from employees and observers concerned about execution and morale. ([bizjournals.com](https://www.bizjournals.com/philadelphia/news/2026/02/12/wells-fargo-cfo-layoffs-sell-real-estate.html?utm_source=openai))
- The bank’s financial performance and expense outlook have remained sensitive to interest rates, remediation costs, and the need to fund control improvements while pursuing efficiency gains. ([www08.wellsfargomedia.com](https://www08.wellsfargomedia.com/assets/pdf/about/investor-relations/annual-reports/2024-proxy-statement.pdf?utm_source=openai))