Wells Fargo hires Tim Ruby to lead healthcare, higher ed and nonprofit division

Wells Fargo

Tim Ruby has joined Wells Fargo as its healthcare, higher education and not-for-profit division executive.

The division is part of Wells Fargo commercial banking's specialized industries group. Ruby will be based in Chicago.

"The opportunity to join such a well-regarded institution as Wells Fargo, that's the first thing I'm really excited about," Ruby told The Bond Buyer. "It's such a great franchise — an incredible history of supporting clients, and in particular, clients in the client base that we cover in healthcare, higher education and not-for-profits."

He said he's looking forward to continuing that legacy and building on what exists today.

"My timing couldn't be better, in terms of the asset cap being lifted," he added. "I'm (also) excited about the growth opportunity, the ability to continue to support the existing clients that we have, and to offer all our great services to those that we don't currently do business with. Timing-wise, it's about as good as I could ask for… I'm just thrilled and feel very fortunate."

Phil Smith, vice chair of the specialized industries business line at Wells Fargo, praised Ruby's previous experience — at Bank of America, where Ruby was market executive for its Midwest healthcare, education, and non-profit division, and before that at JP Morgan, where he rose to managing director in the bank's healthcare, higher education and not-for-profit division.   

"Tim is stepping into an important leadership role and brings decades of trust and insight that will benefit the clients and communities we serve," Smith said in a statement. "His deep roots in healthcare, education, and nonprofit finance mean our clients get to work with someone who understands their mission and challenges from the inside out."

Ruby succeeds Bill Morgan, who retired after a successful 40-year financial services career, according to the press release from Wells Fargo.

Ruby said he's eager to lead a division covering sectors he knows well.

"About 25 of my 30-plus years of banking have been in this space," he said of the healthcare, higher education and not-for-profit division. "I've got a lot of passion for this space; I understand it, and am absolutely committed to it, and so is this organization." 

He added, "I've had the privilege of leading teams at two other major money center banks on a regional basis, and this is the opportunity to lead at scale on a national basis at a fine institution."

Ruby earned his bachelor's degree in business administration from the University of Iowa's Trippie College of Business and his MBA from Northwestern University's Kellogg School of Management.

Ruby, who lives in River Forest, Illinois, serves as the treasurer and finance committee chair of Brightpoint, a child welfare and family services organization in Chicago.