The former diplomat is departing “to return his attention to events in the Middle East,” the bank stated.
Nides said in the bank’s release that seeing the “horrific events unfold in Israel and Gaza these past few weeks” affected him profoundly “in ways that I could not have imagined.
“While my tenure as ambassador ended a few short months ago, I now feel an obligation to turn my attention back to the region, and continue to provide whatever assistance I can, outside of an official government role, to help find solutions for the people living there,” he said.
Nides stated his intention to work with the UJA-Federation of New York, “as well as several Middle East organizations, to bring whatever expertise I can, immediately.”
Charlie Scharf, CEO of Wells Fargo, said in the statement that he is “wholly supportive of Tom’s decision.”
Nides came to the bank “as a dedicated public servant, and he wants to fully commit his time and energy to urgent global issues during a time of grave need,” the executive added.
The bank had announced on Sept. 22 that Nides was joining as vice chairman and would have “a broad role across the company.
“He will be a close advisor to Wells Fargo senior management on a range of issues, including banking and management, and he will work alongside the company’s business heads as it continues to expand client relationships,” it stated.
With his “extensive knowledge and experience in public policy and corporate and social responsibility,” Nides also oversaw the bank’s public affairs operations, including government relations, corporate communications, corporate branding and community relations.
Before he was ambassador, Nides worked at the Morgan Stanley investment bank for about a decade, including as chief operating officer, managing director and vice chairman. He was also formerly U.S. deputy secretary of state and chief operating officer of the State Department.