Wells Fargo's longtime CMO will leave her role as part of a bigger marketing shakeup across the bank

  • Wells Fargo is shaking up its marketing operations under CEO Charlie Scharf. The details were laid out in firm-wide memos to employees on June 15.
  • Each of the bank's five business lines will take on more marketing planning and strategy responsibilities. Some duties, such as corporate branding, will remain centralized.
  • The bank's current marketing chief, Jamie Moldafsky, will leave her role once the transition is complete.
  • Well Fargo's marketing efforts under Moldafsky have focused on repairing its image following wide-ranging sales-practices scandals. 
  • Execs at Wells Fargo are drafting plans that could cut tens of thousands of jobs  across the bank starting this year, according to a Bloomberg News report on Thursday.
  • Visit Business Insider's homepage for more stories.

Wells Fargo is shaking up marketing operations and plans to eliminate its centralized chief marketing officer role, Business Insider has learned. 

Each of the bank's five business lines will take on more marketing planning and strategy responsibilities. Some duties, such as corporate branding, will remain centralized. As part of that overhaul, the bank has created a new consumer CMO role to oversee its consumer businesses. 

Jamie Moldafsky, the current marketing chief and a 15-year Wells Fargo veteran, will stay in her post until the transition is complete, and will then consider positions inside or outside of the bank, vice chairman of public affairs Bill Daley said in a memo sent internally to employees on June 15. 

A spokesperson confirmed the transition to Business Insider and said employees were alerted in mid-June that the CEOs of Wells Fargo's five business lines — commercial banking, consumer & small business banking, consumer lending, corporate & investment banking, and wealth & investment management— would each assume new marketing responsibilities.

Well Fargo Chief Executive Charlie Scharf  has announced a broader company reorg earlier this year that broke out those five areas. 

The newly created consumer marketing role will lead functions for the consumer and small business banking as well as the consumer lending business lines, which encompasses the firm's network of some 7,400 locations.

In addition to a new head of consumer marketing, the firm will name a marketing leader for wealth & investment management and a separate marketing leader for commercial banking and corporate & investment banking.

The June 15 memo said the search for the new consumer chief marketing officer would continue into the third quarter, a source familiar with the matter said. 

The plans underline the personnel and organizational changes Scharf has ushered into Wells Fargo, which he joined last fall after leading Bank of New York Mellon. 

Read more: Wells Fargo CEO Charlie Scharf just hired another JPMorgan alum — this time, to run wealth management. Here's how Jamie Dimon's one-time protege has been building up his team.

Executives at Wells Fargo are meanwhile drafting "plans that may ultimately eliminate tens of thousands of positions" starting this year, according to a Bloomberg News report on Thursday. The bank reported some 263,000 global employees as of March.

Chief Financial Officer John Shrewsberry had telegraphed job cuts were coming at an industry conference last month with a reference to becoming a more "lean" organization. The planned layoffs come as analysts have needled the bank about reducing costs, which have soared in the wake of cleaning up its sweeping sales-practices scandal. 

Since the scandal erupted in late 2016, the bank has gone through two CEOs before Scharf took over last year. Wells Fargo's marketing efforts under Moldafsky have focused on repairing its damaged image with the general public. 

In 2017, Wells Fargo unveiled a marketing campaign with the tagline "Building a Better Bank," and a year later released the tagline "Established 1852. Re-established 2018." 

"One of the things we heard really clearly from our customers and stakeholders was that 'We want to know what you're going to do for us'," Moldafsky told the website The Financial Brand in February 2019. "We're certainly evolving our culture, transforming many, many of our practices."

More broadly, marketing falls under Wells Fargo's public affairs unit, headed up by Daley, who joined the firm last November and had previously worked with Scharf. 

Moldafsky was named chief marketing officer in 2011, according to her LinkedIn profile and her biography with the Marketing Society, an industry organization.

She joined the bank in 2005 as executive vice president of consumer lending marketing, and previously served in marketing and other roles at Whirlpool, Charles Schwab, and American Express, according to the biography.

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