Wells Fargo's 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.

Jon Weiss, who led the unit with Fernando Rivas, will step down and Rivas will become the sole CEO of the lender’s corporate and investment bank, the company said.

Jon Weiss, the co-chief executive officer of Wells Fargo (NYSE:WFC) & Co.'s corporate and investment bank will retire after nearly two decades with the company, according to an announcement on Thursday.