|
Scharf will take over from interim CEO Allen Parker, who was
thrust into the position in March when former CEO Tim Sloan
resigned abruptly. Sloan had said increased pressure from
politicians and regulators had become a distraction in running
the scandal-plagued bank.
Scharf will take charge at a time when the bank is under a
regulatory microscope and is working at rebuilding its tarnished
reputation following the scandal.
Internal and regulatory probes since the scandal have uncovered
other issues in each of the bank's primary businesses, resulting
in billions of dollars in fines, penalties and an unprecedented
cap on its balance sheet by the Federal Reserve.
Wells Fargo's board has been shuffled many times since the
scandal. More than half of the company's independent directors
joined the board after 2016.
Most recently, Scharf was the CEO at Bank of New York Mellon <BK.N>.
Before joining the regional bank he held the top job at Visa Inc
<V.N>, the world's largest payment network.
Scharf started his career at Commercial Credit Corp in 1987, a
consumer finance company run by Jamie Dimon and Sandy Weill -
who went on to lead two of America's biggest banks.
He was named Dimon's assistant six months into the job at
Commercial Credit, according to an alumni magazine for the NYU
stern business school.
Scharf will start in his new role next month, Well Fargo said in
a statement.
The lender's board had considered keeping Parker in the job
permanently even after saying they would seek an outsider to
fill the role, sources had told Reuters in June.
Shares of Wells Fargo were up nearly 1% at $49.31 in premarket
trading.
(Reporting by Munsif Vengattil, Shariq Khan and Sweta Singh in
Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D'Silva)
[© 2019 Thomson Reuters. All rights
reserved.] Copyright 2019 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
