(Reuters) - Wells Fargo & Co (WFC.N) on Friday named banking veteran Charles Scharf its next chief executive officer effective next month, ending a six-month search.
Scarf, who joins the fourth-largest U.S. bank after a 2-year stint leading Bank of New York Mellon (BK.N), will become Wells Fargo’s third CEO in as many years. Former CEOs Tim Sloan and John Stumpf resigned amid sales practices scandals that have plagued the bank since 2016.
Scharf is taking over a bank that is still operating under a regulatory microscope, trying to rebuild its reputation with customers, investors and politicians.
Still, he struck an upbeat tone on a call with analysts following his appointment.
“I don’t come in with a preconceived notion that there has got to be some kind of dramatic change,” Scharf said. “The first priority is to make sure we get the regulatory issues behind us to help create the foundation that we need to continue to build the company.”
Scharf is a hard-working leader who focuses on making operations more efficient rather than a charismatic visionary, said a source familiar with his leadership style.
Although Scharf, 54, said he had imagined that BNY would be his last job, he has always had aspirations to be a big bank CEO, the source said.
Prior to joining the custodian bank, Scharf held the top job at Visa Inc (V.N), the world’s largest payment network. He started his career in 1987 at Commercial Credit Corp, a consumer finance company run by Jamie Dimon and Sandy Weill - executives who went on to
