Wells Fargo & Co. appointed Doug Braunstein, a previous finance chief at JPMorgan Chase & Co., as its new vice chairman, a post former U.S. envoy to Israel Tom Nides vacated after a weeks-long stint.
Braunstein joins Wednesday and will report to Chief Executive Officer Charlie Scharf, the bank said in a statement.
In his new role, he'll help expand the bank's corporate finance and advisory businesses and advise senior management on broader business issues.
"Doug is a world-class banker, and he will work alongside the great team we have assembled in corporate and investment banking to continue growing it," Scharf said.
"The addition of Doug's expertise and business relationships reflects our continued commitment to strengthen CIB even further," he said.
Braunstein was an executive at JPMorgan during the financial crisis, when the company emerged relatively unscathed, bought rival Bear Stearns Cos. and grew into the biggest U.S. bank.
He held the post of chief financial officer during the bank's London Whale debacle — when a trader known as the London Whale lost at least $6.2 billion for JPMorgan in 2012.
