Wells Fargo & Company (NYSE: WFC) shares began Monday higher, on the appointment of Faraz Shafiq as Head of AI Products and Solutions, effective Feb. 9. “This move,” according to this morning’s news release, “demonstrates the bank’s commitment to leveraging artificial intelligence (AI) to shape the future of financial services and transform how it works to deliver for employees, customers, and communities.”
Shafiq will report to Saul Van Beurden, Head of AI and Co-CEO of Consumer Banking and Lending, and work out of San Francisco.
“Hiring top talent is a critical factor to expand AI faster with higher impact,” said Van Beurden. “Faraz’s deep expertise in generative and agentic AI and proven leadership in scaling enterprise platforms, will accelerate the execution of our strategy of using AI to transform how we work and how we serve our customers, and ultimately propel the growth of the bank.”
With more than 15 years of experience in technology leadership and product innovation across notable companies like Amazon Web Services, Verizon, AT&T, and Google, Shafiq will oversee the vision, roadmap, and development for enterprise-wide, AI-powered products.
Wells Fargo is a leading financial services company that has approximately $2.1 trillion in assets. Its shares started the trading day up $1.11, or 1.3%. to $88.07.
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