By Dan Freed
(Reuters) – Wells Fargo & Co’s
Fuchs resigned because he preferred working with colleagues and customers on transactions as opposed to having a role that required a large amount of administrative responsibilities, Schultz said on Monday.
Fuchs’s resignation came as Wells Fargo reorganized a unit he oversaw, giving him fewer supervisory responsibilities. However, Ed Blakey, his boss, said in an interview that the reorganization had nothing to do with Fuchs’ decision to leave. He did not provide further details.
Fuchs’ resignation was first reported by The Wall Street Journal.
Blakey, who oversees Wells Fargo Commercial Capital – a unit with $250 billion in assets- may take some time to decide on a replacement for Fuchs, Schultz said.
(Reporting by Dan Freed in New York; Editing by Bernard Orr and Andrew Hay)