Wells Fargo has added a new executive to focus on expanding the diversity of its wealth management clients and the services it provides to new and existing ones.
Clarence Nunn was named in June as head of Diverse Segments for Wells Fargo Wealth and Investment Management, which includes Wells Fargo Private Bank and Wells Fargo Advisors.
In this new role, Nunn will report to WIM Chief Executive Barry Sommers and to Kleber Santos, head of Diverse Segments, Representation and Inclusion. The position is part of the bank's increased focus on expanding its commitment to diversity, equity and inclusion.
“This important position fills a key need in our ongoing comprehensive and organizational approach,” Sommers said in a statement. “It continues us on the path to deepen our commitment and connection to employees as well as client segments that are critical to expanding our market share. We are confident Clarence is the ideal leader for this very important role.”
Nunn, who is located in Charlotte, N.C., joins Wells Fargo from JPMorgan Chase, where he was head of middle market banking and specialized industries for the Southeast and led the franchise finance business nationally within the commercial bank. Prior to that, he spent 24 years at General Electric, holding many senior leadership roles and serving as president and CEO of several business units.
“I’m excited to join Wells Fargo and to lead our efforts in Wealth and Investment Management where our mission is to play an active role in helping diverse communities flourish,” Nunn said in a statement. “This begins with building a workforce that represents the clients and communities we serve, and working to close racial wealth gaps by providing investment guidance that creates a foundation from which to build generational wealth.”
The position aligns with CEO Charlie Scharf's desire to address diversity and inclusion at the bank. Among the steps he took was the hiring of Santos in November and the creation of the Diverse Segments, Representation and Inclusion group.