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New CEO takes over at Wells Fargo

Wells Fargo & Co has appointed Charlie Scharf as its new CEO. Scharf took over on 21 October and he has the mandate to ‘finish what three predecessors couldn’t’. Immediately after taking over, Scharf said in an internal note that the bank will put all available resources toward building out operations, risk and control functions, and making harmed customers whole. He also said he will make some changes and significant investments, in technology in particular, and his aim is to move Wells Fargo past its problems and restore its position as an industry leader. The bank had announced Scharf’s appointment in September.

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