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Wells Fargo Recognizes Charles Scharf as CEO

Wells Fargo declared on Friday that Charles Scharf would be its new CEO starting in October.

Currently, Scharf is the CEO of Bank of New York Mellon. 

Wells Fargo now has a new head at the leadership. In addition, Wells Fargo shares then recovered on the news.

In a statement, Wells Fargo Board Chair, Betsy Duke stated, “Charlie’s financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board’s search committee.”

She added that Scharf has “demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape.”

Scharf will also merge Wells Fargo’s board of directors. This is prior to his contract at BNY Mellon.

Previously, Scharf has further served as the CEO of retail financial services at JPMorgan Chase.

At one point, he has even thought to be a potential successor to Jamie Dimon.

Scharf’s Top Roles 

Scharf has also detained top roles at Bank One Corp, Citigroup, and Salomon Smith Barney.

After six months of uncertainty, Wells Fargo’s announcement came out. This is for the bank, which was struggling to fill the CEO position following its former leader, Tim Sloan.

The former CEO has stepped down in March.

Sloan had been fixing the situation left by his predecessor, former CEO John Stumpf.

In 2016, Stumpf retired after a major shame broke. Wells Fargo personnel has opened 2 million bank and credit card accounts in customers’ names.

The opening is without the knowledge to produce fees and hit sales targets.

Meanwhile, Stumpf appeared in congress regarding the bank’s behavior. The company then was advised to pay a $185 million reimbursement.

Interim CEO, Allen Parker has been labeled as the president and a member of the board.

He will continue to serve in these roles until Scharf links the company. In addition, he will then support Scharf’s transition.



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