Wells Fargo's payments head Modjtabai to retire, names Fischer to lead cards


Wells Fargo's payments head Modjtabai to retire, names Fischer to lead cards

Wells Fargo & Co. announced a couple of leadership changes in its payments and card business, as Avid Modjtabai will retire as head of the bank’s payments, virtual solutions and innovations group at the end of March 2020.

Modjtabai, a 26-year veteran of Wells Fargo, led the formation of the bank’s PVSI Group in 2016, which brought together its payments, digitization and innovation businesses. During the last three years, her group oversaw the launch of the bank’s control tower, overdraft rewind and the Wells Fargo Propel Card.

“I have been incredibly fortunate to have had so many exciting and fulfilling career opportunities and to have worked with so many extraordinary people in my 26 years of working with Wells Fargo,” Modjtabai said in a company release. “I am pleased that, as I complete my plan for retirement, I will be leaving a company that has such bright prospects and renewed momentum.”

Charlie Scharf, president and CEO at Wells Fargo, thanked her for her service, saying she served as a “catalyst for digitizing and transforming the company.” 

The bank also said that Ray Fischer, senior advisor to the Aries Financial Group, will join the bank to lead cards, retail and merchant services. He previously was vice chairman and administrative officer at the Kessler Group and before that spent 14 years at JPMorgan Chase, where he was CFO of card, merchants services and auto finance. 


Topics: Mobile Banking

Companies: Wells Fargo & Co

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