Reports: Top Wells Fargo Execs Leave Bank

The two Wells Fargo regional presidents serving the greater San Fernando Valley area have left the bank, according to media reports. Details of the departure of Marla Clemow and Reza Razzaghipour from the San Francisco-based financial institution were not disclosed by a bank spokeswoman, the Los Angeles Times reported. “We can confirm the individuals are no longer with the company, but decline to comment further,” spokeswoman Jennifer Langan was quoted saying in the Times. “We are focused on ensuring we have the right people and leaders in place to rebuild trust and build a better bank.” The Wall Street Journal also reported that Clemow and Razzaghipour were let go, and that they are married and together oversaw about 3,500 employees in Southern California. Clemow had handled the bank’s operations in much of the San Fernando Valley and also oversaw branches from Hollywood to the South Bay, the Times said. According to her LinkedIn profile, she had worked for Wells Fargo since 1994. The Business Journal had recognized Clemow in its Valley 200 of most influential leaders in the region published in November. She has served on the boards of the Valley Industry & Commerce Association, Valley Economic Alliance and the Boys and Girls Club of the West Valley. Razzaghipour oversaw bank operations in Ventura and Santa Barbara counties, Bakersfield, Santa Clarita and the West San Fernando Valley, the Times reported. While declining to comment specifically on the loss of Clemow to the Valley’s business and civic community, Pegi Matsuda, senior vice president for community development at Valley Presbyterian Hospital, said she was confident that the bank will not change its focus. “Wells Fargo is a company that is committed to the San Fernando Valley, to people, to community organizations, to business and leadership and they will continue that,” Matsuda said. Clemow and Razzaghipour’s departures occur as the bank purges its ranks of executives with connections to a scandal involving bank employees opening checking, savings and other accounts that customers did not want or authorize. The scandal led to the resignation of Chief Executive John Stumpf and the firing of more than 5,000 employees associated with opening the phony accounts.