John G. Stumpf, group executive vice president of community banking at Wells Fargo & Co., has been named president and chief operating officer of the San Francisco-based company.Mr. Stumpf has been with Well Fargo for 23 years, and has been an EVP in his current role for three years, the company said. He has been responsible for regional banking, diversified products, private client services, Internet services, and Wells Fargo Services. Mr. Stumpf joined the former Norwest Corp. in 1982 as a senior vice president and chief credit officer for Norwest Bank, and with the merger of Wells Fargo and Norwest in 1998 he became head of the Southwestern Banking Group, Wells Fargo said. Mark C. Oman, senior EVP of the company's Home and Consumer Finance Group, will report to Mr. Stumpf. The company can be found online at http://www.wellsfargo.com.
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Credit risk transfers, a means by which banks can move risk off their balance sheets, earned considerable bipartisan support in a House Financial Services subcommittee hearing Wednesday.
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Treasury Secretary Scott Bessent on Wednesday defended cuts to the Community Development Financial Institution Fund in the president's 2027 budget, telling the Senate Appropriations Committee that the program had pursued a "partisan wish list."
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