BREAKING: Wells Fargo announces new CEO

Good morning! Today is Friday, Sept. 27, 2019, and we’re coming to you with HOT BREAKING NEWS.

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Charles Scharf, formerly CEO of Bank of New York, will take the helm of major Charlotte employer

We knew it was coming at some point: Wells Fargo has hired a new CEO.

From CNN:

Wells Fargo has hired an outsider to clean up its broken culture, three years after a reputation-tarnishing series of scandals erupted.

The bank on Friday named Charles Scharf, previously the CEO of Bank of New York Mellon and Visa, to become its new boss.

The hiring of Scharf ends Wells Fargo's six-month struggle to find a replacement for Tim Sloan, who stepped down abruptly in late March.

“I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change,” Scharf said in a statement.

The full announcement is here.

The CEO search had taken a long time, with interim CEO Allen Parker serving for the last six months and getting high marks. But pressure had always been there for the bank to name an outsider to help clean up recent scandals.

What does it mean for Charlotte? Too early to say. Some locally had hoped that BofA’s Cathy Bessant would get the job. Look for a lot more speculation today about what it all means.

Your regular Friday Ledger will come out shortly.


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The Charlotte Ledger is published by Tony Mecia, an award-winning former Charlotte Observer business reporter and editor. He lives in Charlotte with his wife and three children.