Nupur Anand
NEW YORK (Reuters) – Wells Fargo has hired former BNY executive Bridget Engle as its new head of technology, according to a press release seen by Reuters.
Engle also sits on the bank’s steering committee, reporting to CEO Charlie Scharf and tasked with reviewing technology across the bank.
Scharf said the move is important as the bank continues to invest in modernizing and scaling its platform and works to increase innovation across the company.
The bank also announced the appointment of Tracey Kerins as lead of its new Generative AI team to drive AI adoption across the bank.
“Generative AI will help transform our business, improve customer and client experiences and enhance the way we work,” Scharf said.
The fourth-largest U.S. bank also highlighted its investments in technology to grow its business during its second-quarter earnings report earlier this month.
Wells Fargo still operates under a $1.95 trillion asset cap that bars it from growing assets until regulators determine it has resolved issues from its fake-accounts scandal. The bank has eight outstanding consent orders.
The bank has not disclosed its technology budget, but large banks such as JPMorgan Chase have set aside $17 billion in technology budgets this fiscal year and have said that the adoption of AI could add about $1 billion to $1.5 billion to the bank’s value.
(Reporting by Nupur Anand in New York)
