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Wells Fargo names Scharf as Chief Executive Officer

Shares of the company rose 2.3 per cent in early trading in New York.

Bloomberg|
Sep 28, 2019, 10.01 AM IST
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Wells Fargo named Charles Scharf chief executive officer, marking a new era in the bank’s efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years.

Scharf, the CEO of Bank of New York Mellon Corp, will take over on Oct 21, replacing interim chief Allen Parker, the San Francisco-based bank said Friday in a statement. Shares of the company rose 2.3 per cent in early trading in New York.

“With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc. and Bank of New York Mellon, Charlie has demonstrated a strong track record,” Wells Fargo Chair Betsy Duke said in the statement.

Scharf, 54, will be charged with mending ties in Washington, where Wells Fargo’s problems are hardly over: The bank still faces several investigations and outstanding consent orders, including a growth restriction imposed by the Federal Reserve.

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