Charles Scharf Named Wells Fargo & Co. CEO
Wells Fargo said Mr. Scharf will join the bank as president and CEO on Oct. 21. C. Allen Parker, Wells Fargo’s general counsel, has been serving as interim head since late March.
Mr. Scharf previous title was CEO of BNY Mellon since July of 2017 and before that he spent four years as the CEO of Visa. Prior to his time at Visa, he was a top man at JPMorgan Chase & Co.
Until the 2016 scandal, Wells Fargo enjoyed a sterling reputation as a bank that dodged the worst abuses of the financial crisis. Following the scandal Wells Fargo embarked on an overhaul, yet still nearly every one of its business lines is under investigation by a government agency, including the Justice Department and the Securities and Exchange Commission.
The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency imposed a $1 billion fine on the bank for misconduct in its auto- and mortgage-lending business. The OCC said it found risk-management deficiencies that “constituted reckless, unsafe or unsound practices,” leading to improper charges to hundreds of thousands of consumers.