Wells Fargo & Co. named Bank of New York Mellon Corp. Chief Executive Charles Scharf as its new CEO, ending a six-month search for a leader capable of restoring the bank’s battered reputation and improving its standing with regulators.
Wells Fargo WFC, +4.22% said Scharf will join the bank as president and CEO on Oct. 21. He succeeds C. Allen Parker, Wells Fargo’s general counsel, who has been serving as interim chief since Timothy Sloan resigned in late March.
Scharf spent four years as the CEO of Visa V, -0.32% before taking the BNY Mellon BK, -5.13% job in July 2017. Prior to joining Visa, he was a top lieutenant to JPMorgan Chase & Co. JPM, +0.78% CEO James Dimon and spent seven years running the bank’s sprawling consumer operation.
Scharf has a tough job ahead of him at Wells Fargo, which has been struggling to right itself since a fake-account scandal erupted at the bank three years ago. Atop the agenda is getting back in the good graces of regulators, who have been unsatisfied with its response to problems exposed by the sales scandal. The bank’s operations also have suffered.
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