SAN FRANCISCO – Wells Fargo & Company (NYSE: NYSE:) today announced the immediate appointment of Ed Olebe as the new head of Cards and Merchant Services. Olebe, who brings over 25 years of experience in financial services and credit card management, joins the team from JPMorgan Chase (NYSE:) where he served as president of Branded Cards.
Olebe’s extensive background includes leadership roles at Mastercard (NYSE:) in digital payments and consumer credit, as well as directing products and partnerships at American Express (NYSE:). He also co-founded and was CEO of Grasp Mobile Commerce, further demonstrating his expertise in the sector.
His predecessor, Ray Fischer, communicated his retirement plans last year after making significant contributions to Wells Fargo’s credit card and Merchant Services businesses. Fischer was instrumental in launching a new suite of credit card products and ensuring the company maintained competitive card payment solutions for businesses of varying sizes.
Wells Fargo, a leading financial services company with approximately $1.9 trillion in assets, operates through several segments, including Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. The company is also involved in social impact initiatives focusing on housing affordability, small business growth, financial health, and a low-carbon economy.
The appointment of Olebe is expected to bolster Wells Fargo’s efforts to expand its payment capabilities and grow its credit card business. The information regarding this management change is based on a press release statement from Wells Fargo & Company.
In other recent news, Wells Fargo has been the subject of several analyst revisions and expectations following its strong Q4 results. RBC Capital Markets raised its price target on Wells Fargo from $72 to $80, maintaining a Sector Perform rating. The firm also adjusted the bank’s 2025 EPS estimate to $5.85 from $5.50, and the 2026 projection to $6.75 from $6.45, reflecting stronger net interest income and robust noninterest income.
Keefe, Bruyette & Woods increased the price target for Wells Fargo shares to $86, citing projected stronger Net Interest Income growth. Truist Securities also raised its price target from $82 to $85, maintaining a Buy rating, after analyzing the bank’s fourth-quarter 2024 performance and management guidance.
Raymond (NSE:) James maintained a Strong Buy rating on Wells Fargo, increasing the stock’s price target to $88 following the bank’s robust fourth-quarter financial results. However, Citi reiterated its Neutral rating on Wells Fargo shares with a steady price target of $82, despite lower fee income as trading revenue was weaker than anticipated.
These are recent developments that reflect a generally positive outlook for Wells Fargo’s financial trajectory over the next years.
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