SAN FRANCISCO – Wells Fargo & Company (NYSE: NYSE: ) today announced the immediate appointment of Ed Olebe as the new Head of Card and Merchant Services. Olebe, who brings more than 25 years of experience in financial services and credit card management, joins the team from JPMorgan Chase (NYSE: ) where he was president of Branded Cards.
Olebe’s extensive experience includes leadership roles at Mastercard (NYSE: ) in digital payments and consumer credit, as well as product direction and partnerships in American Express (NYSE:). He also co-founded and served as CEO of Grasp Mobile Commerce, further demonstrating his expertise in the sector.
His predecessor, Ray Fischer, announced his retirement plans last year after making significant contributions to Wells Fargo’s credit card and merchant services businesses. Fischer was instrumental in launching a new suite of credit card products and ensuring the company maintained competitive card payment solutions for businesses of all sizes.
Wells Fargo, a leading financial services company with approximately $1.9 trillion in assets, operates through several segments, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. The company is also involved in social impact initiatives focused on housing affordability, small business growth, financial health and the low-carbon economy.
Olebe’s appointment is expected to bolster Wells Fargo’s efforts to expand its payment options and grow its credit card business. Information about this management change is based on a Wells Fargo & Company press release.
In other recent news, Wells Fargo was the subject of several revisions to analysts and expectations following its strong fourth quarter results. RBC Capital Markets raised its price target on Wells Fargo from $72 to $80, maintaining a Sector Perform rating. The company also adjusted the bank’s 2025 EPS estimate to $5.85 from $5.50 and its 2026 projection to $6.75 from $6.45, reflecting stronger net interest income and strong non-interest income.
Keefe, Bruyette & Woods raised its price target on Wells Fargo stock to $86, citing stronger projected net interest income growth. Truist Securities also raised its target price from $82 to $85, maintaining a Buy rating, after analyzing the bank’s Q4 2024 performance and management guidance.
Raymond (NSE: ) James maintained a Strong Buy rating on Wells Fargo, raising his price target on the stock to $88 following the bank’s robust fourth-quarter financial results. However, Citi reiterated its Neutral rating on Wells Fargo stock with a stable price target of $82, despite lower fee income as trading income was weaker than expected.
These are recent developments that reflect a generally positive outlook for Wells Fargo’s financial trajectory in the coming years.
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