Banking

How Wells Fargo CEO Charlie Scharf overhauled the bank’s leadership

  • Wells Fargo’s leadership has changed significantly since CEO Charlie Scharf took over in 2019.
  • Wells has hired many prominent executives from his former firms JPMorgan and BNY Mellon.
  • Insider has tracked in the deepest detail yet how he overhauled leadership after years of scandal.

Wells Fargo CEO Charlie Scharf has quietly transformed the upper ranks of the fourth-biggest US bank since joining in 2019. 

Since its wide-ranging sales practices scandal first erupted in 2016, Wells has seen two CEOs resign and rounds of top leadership leave the bank. But Scharf, a one-time protege of JPMorgan’s Jamie Dimon and Wells’ first outsider CEO since the scandal broke, has been taking that to the next level. 

Wells has now brought in nearly 90 executives from outside the bank since the beginning of 2019, replacing leaders in existing roles or creating new positions like those focused on risk management, an Insider analysis showed. More than half of the firm’s 18-person operating committee is new, with Scharf and 10 other members who are new to the company since fall 2019.

Scharf has hired heavily from his past employers: JPMorgan, the largest US bank by assets, and Bank of New York Mellon, the largest custody bank.

Insider reviewed executive remarks, press releases, and earnings call transcripts, and spoke with experts about the bank and corporate governance to visualize how the bank’s management has changed since Scharf took over.

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