Wells Fargo appoints Mike Santomassimo CFO

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The change at Wells Fargo comes as it gears up to launch a broad cost-cutting initiative this year and as it continues to work through expensive regulatory and operational problems tied to a long-running sales scandal.

Santomassimo, who was most recently CFO at Bank of New York Mellon Corp (N:BK), will join Wells Fargo in fall 2020.