In addition to the wire transfer fee, Wells Fargo makes money when converting U.S. dollars to a foreign currency. "What is more likely," Seiberg said, "is that they will define him as another Wall Street insider taking over another big bank. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. Scharf will continue to be located in New York. SAN FRANCISCO--(BUSINESS WIRE)--The Board of Directors of Wells Fargo & Company (NYSE: WFC) announced today that it has named Charles W. Scharf as the company’s chief executive officer and president, and a member of the Board of Directors, effective October 21. Wells Fargo & Company was ranked No. Wells Fargo Names Charles W. Scharf Chief Executive Officer and President, The committee focused on top industry talent, and in Charlie, we are confident that we have identified the best leader to take Wells Fargo forward.”. Box 168048 Irving, TX 75016-8048. Prior to Bank of New York Mellon, Scharf served as the CEO of San Francisco-based Visa, where he is credited with transforming the company's technology and payments platforms. I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members. 1-800-289-3557, option 5. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. All rights reserved. Wells Fargo Board Chair Betsy Duke said, “I am delighted to welcome Charlie as our new CEO. With more than 24 years in leadership roles in the banking and payments industries, including as CEO of Visa Inc. and Bank of New York Mellon, Charlie has demonstrated a strong track record in initiating and leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. To opt in for email alerts, please enter your email address in the field below and select at least one alert option. Media Arati Randolph, (704) 743-6968 Jennifer Langan, (213) 598-1490 or Investor Relations John Campbell, 415-396-0523 In March, the board appointed C. Allen Parker interim CEO and president and a member of the board. He has continued to move the company forward on our top priorities in a focused and transparent way. Wells Fargo Corporate & Investment Banking (CIB) and Wells Fargo Securities (WFS) are the trade names used for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, member of NYSE, FINRA, NFA, and SIPC, Wells Fargo Prime Services, LLC, member of FINRA, NFA and SIPC, and Wells Fargo Bank, N.A. © 1999 - 2020 Wells Fargo. "The opportunity to lead Wells Fargo, an institution that plays such an important role in the financial system, was one that I could not pass up," Scharf said during a conference call with analysts. 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Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. Berkshire did not immediately respond to a request for comment on the hiring. He served as Visa's CEO for four years until December 2016, when he. Wells Fargo said that after Scharf takes over, Allen Parker, currently the interim CEO, will stay with the bank in a leadership role and as general counsel. Why is the stock market soaring? The company will host a live conference call on September 27, 2019, at 6 a.m. PT (9 a.m. The live audio webcast will be available at the following address: After submitting your request, you will receive an activation email at the requested email address. You must click the activation link to complete your subscription. But he projected confidence that it … Prior to his role at BNY Mellon, Charlie was CEO of Visa, Inc. Before joining Visa, Scharf was managing director of One Equity Partners, the private investment arm of JP Morgan Chase & Co. Wells Fargo discriminated against Dreamer by denying auto loan, lawsuit claims. ", Warren Buffett, Wells Fargo's leading shareholder, also gave the bank hiring advice. Wells Fargo CEO Charles Scharf Faces Questions From Lawmakers Charles Scharf told lawmakers that the company's structure and culture "were problematic." Parker will continue to serve in these roles until Scharf joins the company; Parker will thereafter support the transition as a key member of the company’s leadership team and general counsel. Scharf also had stints on Wall Street. If you are a Wells Fargo customer, please include your account number in your correspondence. All content of the Dow Jones branded indices Copyright S&P Dow Jones Indices LLC 2018 and/or its affiliates. Contact Online Customer Service for details at 1-800-956-4442. Please enable JavaScript on your browser and refresh the page. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Auto Loans Wells Fargo Auto P.O. Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Disclaimer. “I also want to thank our search committee for conducting a thorough process that was comprehensive in its diligence and reach. If you are someone who despises calls or wants to write a hefty email to the executives at Wells Fargo, you can email them at [email protected] All rights reserved. Online wires sent internationally from personal accounts are not available 24 hours a day, 7 days a week. Morningstar: Copyright 2018 Morningstar, Inc. All Rights Reserved. However, Seiberg noted that Scharf's stints at other big banks and close ties to JPMorgan Chase CEO Jamie Dimon probably won't make him friends with Congressional Democrats. Scharf's first task will be appeasing regulators. In Q2, Wells Fargo posted a massive $2.3 billion loss as coronavirus shutdowns pushed delinquent loans up 34%. Email Wells Fargo campaign aims to feed Americans ... Wells Fargo is announcing a campaign to aid small businesses and people in need. A Wells Fargo spokesperson told CNN Business that Scharf will be expected to travel extensively, not only to the bank's San Francisco headquarters but to other offices around the country. He served as managing director at JPMorgan Chase's private investment arm and as a senior executive at Citigroup and Salomon Smith Barney. Scharf said, “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 pledged to spend time "wherever it's necessary for me to be," including in San Francisco, "which is obviously a very important place for us.". “On behalf of the Board of Directors, I wish to thank Allen for his exemplary leadership during this transition. A replay of the conference call will be available beginning at 9 a.m. PT (12 p.m.

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