Jan 30 (Reuters) - Wells Fargo's ( WFC ) co-CEO of

corporate and investment banking (CIB), Jon Weiss, has informed

the bank of his intention to retire and will step down from his

position effective immediately, the company said on Thursday.

Weiss, who has had a two-decade-long career at Wells Fargo ( WFC ),

served in a number of roles. He will formally retire on June 1.

"Since Jon started leading CIB in early 2020, CIB net income

is approximately 40% higher" said Wells Fargo ( WFC ) CEO Charlie

Scharf.

Fernando Rivas, who has been leading CIB alongside Weiss,

will now be the sole head of the business unit.