Wells Fargo has named a 28-year veteran at the firm, Tim Sloan, as its new president and chief operating officer.

Wells Fargo veteran Timothy Sloan has been appointed as president and chief operating officer of the company. Until now, the firm's chairman and chief executive, John Stumpf, held these roles, the firm confirmed. Stumpf also served as COO from 2005-2007.

Since 2014 Sloan has served as head of wholesale banking - a role he will retain. Reporting to him going forward are the heads of the company’s other major business operations: Carrie Tolstedt, community banking; Avid Modjtabai, consumer lending; and David Carroll, wealth and investment management.

Sloan and the business operations heads will continue to serve on the company’s operating committee, which is chaired by Stumpf.

Also serving on the company’s operating committee are Stumpf’s other direct reports: John Shrewsberry, chief financial officer; Hope Hardison, chief administrative officer; Michael Loughlin, chief risk officer; Kevin Rhein, head of technology and operations; David Julian, chief auditor; and Jim Strother, general counsel.