06.03.25

How Charlie Scharf Got Wells Fargo Out of the Penalty Box

by: Nupur Anand

When Charlie Scharf took over as Wells Fargo chief executive nearly six years ago, he vowed to address a culture that led to regulatory scrutiny. This week, the Federal Reserve said the bank's problems were mostly fixed as it lifted a $1.95 trillion asset cap imposed in 2018. Scharf thanked the bank's 215,000 employees for carrying out his turnaround plans, one of the biggest in the banking industry. Soon after taking the helm at Wells Fargo, Scharf made sweeping leadership changes. He also reorganized its businesses, shrank its workforce and set about bolstering its processes to manage and control risks. "We have transformed the management team and how we run the company," Scharf said. "We are excited to continue to move forward with plans to further increase returns and growth in a deliberate manner supported by the processes and cultural changes we have made."

Read the full article on Reuters