Tom Nides, who stepped down as US ambassador to Israel in July, is leaving Wells Fargo & Co. after a weeks-long stint as vice chairman to focus on the Middle East.
Bill Daley will return to his prior role as vice chairman of public affairs, effective immediately, San Francisco-based Wells Fargo said Friday in a statement. The bank said it will re-start a search for Daley’s permanent replacement in coming weeks.
“Watching the horrific events unfold in Israel and Gaza these past few weeks have had a profound effect on me, in ways that I could not have imagined,” Nides said in the statement. “I now feel an obligation to turn my attention back to the region, and continue to provide whatever assistance I can, outside of an official government role, to help find solutions for the people living there.”
Chief Executive Officer Charlie Scharf is “wholly supportive” of Nides’s decision, he said in the statement. He added that Nides “came to Wells Fargo as a dedicated public servant, and he wants to fully commit his time and energy to urgent global issues during a time of grave need.”
President Joe Biden nominated Nides as the top diplomat to Israel in 2021. Nides intends to work with the UJA Federation in New York as well as several Middle East organizations “to bring whatever expertise I can, immediately,” he said in the statement.
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Wells Fargo announced last month that Nides, who has held prominent roles across Wall Street and Washington, would join the bank. It was a major hire for Scharf, four years into his tenure as CEO.
(Updates with additional CEO comments in fourth paragraph, UJA Federation in fifth.)
