The former senior executive vice president and head of wealth and investment management will continue in his role until he is replaced on July 1.

Wells Fargo senior executive vice president and head of wealth and investment management, David Carroll, will retire after nearly 38 years with the company. Carroll will continue in his role until July 1 and will remain with the firm until July 31, 2017 to ensure a smooth transition.

Effective July 1, Jonathan Weiss, the company’s current head of Wells Fargo Securities will succeed Carroll to become senior executive vice president and head of wealth and investment management, the firm said yesterday in a statement.

Carroll joined Wachovia Bank & Trust Company in 1979 and then First Union National Bank, Wachovia’s predecessor, in 1981. From 2005, until the merger with Wells Fargo, Carroll served as senior executive vice president and head of Wachovia’s capital management group.

“David has devoted his entire career to our company, managing through intricate mergers and every possible economic cycle with an inspiring vision, prudent judgment and the highest integrity,” said Timothy Sloan, president and chief executive. “David’s leadership over three decades has led to a fundamental transformation of the businesses he’s managed. As head of wealth and investment management, he achieved a compound annual growth rate in after tax earnings of 26 per cent for the last eight years and developed talent, strategies and best practices that will serve Wells Fargo for years to come as we become a stronger, better bank for our customers and clients.”

Weiss will remain based in New York and will report to Sloan. He will also join the company’s operating committee. The new senior executive vice president joined Wachovia in 2005. 

Prior to Wachovia, he worked for JP Morgan, where he spent over 25 years in various leadership positions, including managing the firm’s global financial sponsor business.

“Jon’s significant and diverse expertise in financial services spanning capital markets, advisory and investment banking will ensure we continue to deliver market-leading investment advice and services to our clients across our wealth and investment businesses,” said Sloan. “These businesses are in a very strong position, and Jon’s proven ability to listen to clients, consult across teams, manage operations in a disciplined way and invest in important new capabilities will ensure we continue to innovate and deliver.”

The company also said Perry Pelos, head of Wholesale Banking, will shortly announce his plans for the leadership of Wells Fargo Securities prior to Weiss’ transition to his new role.