Former AWS leader to help bank harness AI for growth

Wells Fargo & Company (NYSE:WFC) today announced the appointment of Faraz Shafiq as Head of AI Products and Solutions, effective Feb. 9. This move 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.

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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.

"AI is, of course, driving rapid changes across businesses of all types, and financial services is one of the most profoundly impacted sectors," Shafiq said. "There is no better time for me to join a premier brand and industry leader like Wells Fargo to drive innovation, ensure responsible AI practices, and collaborate across business lines to deliver transformative solutions for customers and teammates."

About Wells Fargo

Wells Fargo & Company (NYSE:WFC) is a leading financial services company that has approximately $2.1 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 33 on Fortune's 2025 rankings of America's largest corporations. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.

Additional information may be found at www.wellsfargo.com.

LinkedIn: https://www.linkedin.com/company/wellsfargo

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This news release contains forward-looking statements about our future financial performance and business. Because forward-looking statements are based on our current expectations and assumptions regarding the future, they are subject to inherent risks and uncertainties. Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

News Release Category: WF-LO

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Media

Natalie Bailey, 980-529-1167

Natalie.Bailey@wellsfargo.com

Investor Relations

John Campbell, 415-396-0523

john.m.campbell@wellsfargo.com

Wells Fargo Names Faraz Shafiq as Head of AI Products and Solutions