Wells Fargo getting a new CFO

The current head of Wells Fargo Securities will become the bank's new chief financial officer next month, Wells said Tuesday. It's part of a management shuffle as a long-time executive retires.

John Shrewsberry will take over the post from Tim Sloan, who's been Wells Fargo's CFO since 2011. Sloan is moving over to manage the wholesale banking business, which covers commercial banking, asset management, insurance and capital markets.

David Hoyt, who led wholesale banking for the last 16 years, is retiring after three decades at Wells Fargo.