Jan 21 (Reuters) - U.S. bank Wells Fargo ( WFC ) named

JPMorgan Chase ( JPM ) executive Ed Olebe as its new head of

cards and merchant services on Tuesday, effective immediately.

Olebe, who joined JPMorgan ( JPM ) in 2016, succeeds Ray Fischer,

who has decided to retire, Wells Fargo ( WFC ) said.

"Ed's industry expertise and deep experience will be

invaluable to Wells Fargo ( WFC ) as we continue to grow our credit card

business and expand our payment capabilities across Merchant

Services," said Kleber Santos, CEO of consumer lending at Wells

Fargo ( WFC ).

Before joining Wells Fargo ( WFC ), Olebe served as president of

branded cards and led Chase's co-branded cards business. Earlier

in his career, he held positions at Mastercard ( MA ) and

American Express ( AXP ).

Fischer, who joined Wells Fargo ( WFC ) in 2019 as head of cards,

retail and merchant services, told the bank about his decision

to retire last year.

"He's old enough to deserve to retire," said Wells Fargo's ( WFC )

CFO Michael Santomassimo, on an earnings call.