Six months after its then-CEO Tim Sloan resigned in the face of criticism from lawmakers and others, Wells Fargo has named Bank of New York Mellon Chairman and CEO Charles Scharf as its new chief executive officer and president.
Allen Parker, the bank’s interim CEO, will lead the bank through the shift in leadership, set for Oct. 21. He will then return to his prior role as general counsel.
“Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargo’s continued transformation,” said Wells Fargo Board Chair Betsy Duke in a statement.
Scharf has been in financial services for over 24 years and was CEO of Visa from 2012 to 2016 before joining BNY Mellon. Earlier, he served as CEO of Retail Financial Services for JPMorgan Chase for nine years.
The news comes about three years of Wells Fargo’s fake-accounts scandal came to dominate news headlines.
Last month, there were reports that the bank allegedly imposed fees on clients months after they’d closed accounts. In some cases, the overdraft fees totaled “hundreds or even thousands of dollars,” Sen. Elizabeth Warren, D-Mass., said in a letter sent to the bank.