US-based banking group Wells Fargo has hired BNY Mellon CEO Charles Scharf as its new chief executive officer.
Scharf will succeed Wells Fargo general counsel C. Allen Parker, who has been serving as the acting chief following Timothy Sloan’s departure in March.
Sloan took over the reins in 2016 from John Stumpf, who resigned amid a sales scandal at the bank. The scandal involved its employees secretly opening unauthorised deposit and credit card accounts for clients.
Scharf formerly also served as the chief executive of Visa. Prior to that, he had stints at JP Morgan Chase, Citigroup, and Salomon Smith Barney.
He will assume the new responsibility on 21 October 2019, becoming the bank’s third head in three years.
Wells Fargo board chair Betsy Duke said:
“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.
“Charlie’s financial and business acumen, integrity, passion for diversity and inclusion, and commitment to strong talent management are important qualities considered by our board’s search committee.”