Wells Fargo & Company announced that Richard (Dick) Payne Jr. has been elected to the company’s Board of Directors, effective immediately, and will serve on the Board’s Credit Committee. Payne retired in 2016 as vice chairman of Wholesale Banking at U.S. Bancorp.
Payne has more than 40 years of corporate and commercial banking experience with large financial institutions. At U.S. Bancorp, he served from 2010 to 2016 as vice chairman of Wholesale Banking and had responsibility for national corporate banking, commercial banking, capital markets, commercial real estate, financial institutions, equipment finance, global treasury management, government and nonprofit banking, leveraged lending, specialty finance, and high-grade fixed income businesses. He was vice chairman of Corporate Banking at U.S. Bancorp from 2006 to 2010.
Prior to joining U.S. Bancorp, he was head of capital markets at National City Corporation and served in various corporate banking and leadership roles for predecessor companies of Wells Fargo, Bank of America, and JPMorgan Chase, as well as Morgan Stanley.
“Dick is a seasoned banking professional who has spent most of his career in corporate and commercial banking, serving middle-market and large corporate customers in many of the same geographic markets and businesses served by Wells Fargo,” said Betsy Duke, Wells Fargo’s board chair. “He has a deep understanding of banking and brings a unique and valuable perspective to the Board as Wells Fargo works to provide exceptional service to its customers and meet the expectations of all of our stakeholders. He is an important addition to our board as we oversee Wells Fargo’s continued transformation. We welcome him to Wells Fargo.”
Charlie Scharf, who will become Wells Fargo’s CEO and president on Oct. 21, said, “Dick is a veteran of the banking industry and an experienced leader with extensive knowledge of the bank regulatory environment for large financial institutions. He has credit expertise and complete familiarity with the opportunities and challenges associated with building customer relationships within wholesale banking businesses. Dick brings important insight and capabilities to our Board, and I look forward to working with him and our other directors.”
Payne is a member of the Board of Trustees at the Mint Museum in Charlotte, North Carolina, and is a member of the National Advisory Board of the Walker Art Center in Minneapolis.