Wells Fargo has named Tim Traudt to be its interim head of wealth management, replacing Jay Welker.
The news comes several months after Welker said he would retire following a report in The Wall Street Journal on gender-bias complaints in the unit that named him specifically. In November, the bank said it had investigated the matter and found no such bias.
Traudt has been with the bank for 21 years, according to his LinkedIn profile. He was with the Private Client Services business from 1998 to 2016, when he became head of regional management in Minneapolis.
Wells Fargo declined to comment on the matter Tuesday but confirmed Traudt’s appointment, which was reported Monday by InvestmentNews.
Separately, the bank says it has not interviewed ex-Goldman Sachs CFO Harvey Schwartz to take the reins at Wells Fargo from CEO Tim Sloan.
“Rumors that Wells Fargo’s board of directors reached out to potential CEO candidates are completely false,” said Betsy Duke, the bank’s chair, in statement shared with Bloomberg. “Tim Sloan has the unanimous support of the board, and this support has never wavered.”
Also last week, news broke that Wells Fargo was reportedly in talks to sell its retirement-plan services business to Principal Financial Group for as much as $1 billion or more. The bank is looking to to trim its operations to cope with the Federal Reserve-imposed cap on its asset growth as a result of its fake-accounts scandals.