(Reuters) – Bank of America Wells Fargo (NYSE: ) on Tuesday named JPMorgan Chase (NYSE: ) CEO Ed Olebe as its new head of card and merchant services, effective immediately.
Olebe, who joined JPMorgan in 2016, succeeds Ray Fischer, who has decided to retire, Wells Fargo said.
“Ed’s industry expertise and extensive experience will be invaluable to Wells Fargo as we continue to grow the credit card business and expand our payment capabilities across merchant services,” said Kleber Santos, Chief Executive Officer of Consumer Lending at Wells Fargo.
Prior to joining Wells Fargo, Olebe was president of branded cards and led Chase’s co-branded card business. Earlier in his career, he held positions at Mastercard (NYSE:) and American Express (NYSE:).
Fischer, who joined Wells Fargo in 2019 as head of card, retail and merchant services, informed the bank of his decision to retire last year.
“He’s old enough to deserve a pension,” Wells Fargo CFO Michael Santomassimo said during the earnings call.
