Wells Fargo names company veteran Tim Sloan president and chief operating officer

SAN FRANCISCO – Wells Fargo & Co. is naming a long-time company veteran its president and chief operating officer, a new position.

The San Francisco-based bank said Tuesday that Tim Sloan will take on the role effective immediately. The executive will retain his current role as head of wholesale banking and will report to Chairman and Chief Executive John Stumpf.

Sloan, 55, joined Wells Fargo in 1987.

Wells Fargo has been diversifying into other businesses beyond mortgage lending and retail banking. The company announced last month it would buy General Electric’s commercial lending business, which has roughly $32 billion in loans.