Charles W. Scharf
Summary
Charles W. Scharf is Wells Fargo’s Chairman and Chief Executive Officer, having led the company as CEO since October 2019 and served as chairman since October 2025. ([wellsfargo.com](https://www.wellsfargo.com/about/corporate/governance/scharf/?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link&utm_source=openai))
Biography
Scharf is a veteran of the banking and payments industries. Before joining Wells Fargo, he was chief executive officer of The Bank of New York Mellon from 2017 to 2019 and chief executive officer of Visa from 2012 to 2016. Earlier, he held senior roles at JPMorgan Chase, Bank One, Citigroup, and Salomon Smith Barney. ([wellsfargo.com](https://www.wellsfargo.com/about/corporate/governance/scharf/?source=content_type%3Areact%7Cfirst_level_url%3Aarticle%7Csection%3Amain_content%7Cbutton%3Abody_link&utm_source=openai)) At Wells Fargo, Scharf inherited a company dealing with extensive regulatory scrutiny and a Federal Reserve asset cap imposed in 2018. His tenure has focused on reorganizing management, strengthening risk and control systems, exiting or selling certain nonstrategic businesses, and improving operating discipline. He earned a bachelor’s degree from Johns Hopkins University and an MBA from New York University, and he serves on Microsoft’s board. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2021-proxy-statement.pdf?utm_source=openai))
Notable achievements
- Led Wells Fargo through the Federal Reserve’s removal of its asset cap in June 2025 after the bank met required remediation standards. ([federalreserve.gov](https://www.federalreserve.gov/newsevents/pressreleases/barr-statement-20250603.htm?utm_source=openai))
- Oversaw progress on regulatory remediation; Wells Fargo’s 2026 proxy credited his leadership with the termination of 14 consent orders. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2026-proxy-statement.pdf?utm_source=openai))
- Built a new senior-management structure with clearer business-line accountability and greater focus on risk, controls, and execution. ([wellsfargo.com](https://www.wellsfargo.com/assets/pdf/about/investor-relations/annual-reports/2021-proxy-statement.pdf?utm_source=openai))
- Directed a multiyear expense-reduction effort while the company continued investing in technology, products, and talent. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72971/000007297126000200/wfc-20260318.htm?utm_source=openai))
- Under his leadership, Wells Fargo reported approximately $23 billion of capital returned to shareholders during 2025, including common-stock repurchases and dividend increases. ([sec.gov](https://www.sec.gov/Archives/edgar/data/72971/000007297126000200/wfc-20260318.htm?utm_source=openai))
Problem areas / controversies
- Wells Fargo’s legacy sales-practices scandal and related control failures continued to require costly remediation throughout much of Scharf’s tenure; the CFPB’s 2022 order required more than $2 billion in customer redress and a $1.7 billion civil penalty. ([consumerfinance.gov](https://www.consumerfinance.gov/archive/newsroom/cfpb-orders-wells-fargo-to-pay-37-billion-for-widespread-mismanagement-of-auto-loans-mortgages-and-deposit-accounts/?utm_source=openai))
- The Federal Reserve asset cap remained in place from 2018 until June 2025, constraining Wells Fargo’s growth while Scharf was CEO. ([federalreserve.gov](https://www.federalreserve.gov/newsevents/pressreleases/barr-statement-20250603.htm?utm_source=openai))
- In 2020, Scharf faced criticism for comments about the availability of Black talent and later apologized, saying the remarks reflected his own unconscious bias. ([investing.com](https://www.investing.com/news/stock-market-news/wells-fargo-ceo-apologizes-for-remark-about-diverse-talent-2304752?utm_source=openai))
- The bank continued to face regulatory and operational criticism even as major enforcement actions were being resolved, making sustained improvement in controls an ongoing test for his leadership. ([federalreserve.gov](https://www.federalreserve.gov/newsevents/pressreleases/barr-statement-20250603.htm?utm_source=openai))