Thomas Nides, Wells Fargo's brand-new head of public affairs, is leaving the company after just a few weeks, as the former U.S. ambassador to Israel turns his focus back to the growing crisis in the region.
Nides, a longtime insider in Washington, D.C. and on Wall Street, had
In the meantime, Bill Daley, who was Wells Fargo's vice chairman of public affairs from 2019 until last month, is returning to the post. Prior to joining Wells, Daley was chief of staff to President Barack Obama and held senior roles at Bank of New York Mellon and JPMorgan Chase.
Nides, who served as U.S. ambassador to Israel from 2021 until July, said in a statement he feels "an obligation to turn my attention back to the region, and continue to provide whatever assistance I can."
"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. He thanked Wells CEO Charlie Scharf for his "complete understanding about the decision I have made today."
Nides said he will look to provide "whatever expertise I can" to the UJA-Federation of New York, a Jewish philanthropic group, and several Middle East organizations.
Scharf said in the announcement he's "wholly supportive of Tom's decision."
"He 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," Scharf said, praising Nides for his "dedication and willingness to help find solutions in one of the most complicated issues in the world today."
Nides' previous government jobs include top roles on Capitol Hill, chief of staff to the U.S. trade representative and chief operating officer at the State Department. He spent about a decade at the investment bank Morgan Stanley, where he was chief operating officer from 2005 until 2010 and where he returned after his State Department stint.
Nides also is the former chief administrative officer of Credit Suisse First Boston, the U.S.-based investment banking arm of the now-failed Swiss bank, and was senior vice president at Fannie Mae.
Last month, Nides said he was excited to "join Wells Fargo at this pivotal time in the company's transformation journey."
Scharf has spent the past four years looking to improve Wells Fargo's public image and standing with regulators after years of consumer abuse scandals under his predecessors. The company
