Report: JPMorgan Veteran Ed Olebe to Lead Wells Fargo's Credit Card Business

Key Appointments and Leadership Changes - Wells Fargo has hired Ed Olebe, former head of JPMorgan Chase's branded credit card business, to lead its credit card business [1] - Olebe will replace Ray Fischer, who is retiring [1] - Fischer was previously tasked by CEO Charlie Scharf to revamp and expand Wells Fargo's credit card business after Scharf became CEO in 2019 [2] Credit Card Business Strategy - Growing the credit card business has been a key focus for Wells Fargo CEO Charlie Scharf [2] - The bank has added more of its own credit cards under Fischer's leadership [2] - Wells Fargo's credit card business has been less affected by regulatory control improvements compared to other businesses [2] Co-Branded Credit Card Partnerships - Wells Fargo and Bilt denied reports of trouble in their co-branded credit card relationship [3] - The partnership, launched in 2022, allows users to pay rent while earning rewards points [3] - The Wall Street Journal reported in June that Wells Fargo was losing up to $10 million monthly on the program due to incorrect revenue projections [4] - Wells Fargo was negotiating its arrangement with Bilt and reportedly did not plan to renew the contract set to end in 2029 [4] New Product Launches - In May, Wells Fargo launched the Signify Business Cash Worldwide Elite Mastercard, a business credit card offering unlimited 2% cash rewards on business purchases [5] - The card has no annual fee, no caps, and no categories to track, addressing business owners' concerns about the complexity of cash rewards programs [5]