Wells Fargo CEO Goes from Fixer to Builder As Regulators Lift
Scharf states he became psychological as $1.95 trillion property cap raised
Focus shifts to growth in charge card, financial investment banking
*
Wells Fargo shares rise nearly 9% this year
By Nupur Anand, Lananh Nguyen
NEW YORK CITY, June 4 (Reuters) - Wells Fargo CEO Charlie Scharf understands he has a track record for sternness, however he stated that when the bank was finally without a $1.95 trillion possession cap by regulators on Tuesday, he became psychological.
"Everyone thinks that I'm this hard, hard person ... but it's been so long in the making, it's affected a lot of individuals so adversely," Scharf stated. "All of a sudden, it's like it's all been worth it and everyone's feeling it." Scharf, 60, took the helm at Wells Fargo in 2019, vowing to repair its deeply established problems from a fake-accounts scandal that appeared in 2016. The bank faced a public protest, was blasted by legislators and slapped with billions of dollars in fines. The Federal Reserve's decision to raise among Wells Fargo's last major punishments this week has actually mostly closed that chapter in its history. It likewise cements Scharf's legacy after a grueling turnaround in which he upgraded management, slashed headcount and shed businesses.
"I feel terrific," Scharf informed Reuters in a wide-ranging interview on Wednesday after being inundated by congratulatory messages from staff members and counterparts at other banks.
He is turning his focus to growth after serving nearly 6 years as Wells Fargo's fixer-in-chief. He prepares to expand even more in charge card and investment banking, while also buying wealth and industrial banking.
It will not expand in mortgages, he stated. The bank left a number of those operations after they were besieged by scandal.
Scharf states he became psychological as $1.95 trillion property cap raised
Focus shifts to growth in charge card, financial investment banking
*
Wells Fargo shares rise nearly 9% this year
By Nupur Anand, Lananh Nguyen
NEW YORK CITY, June 4 (Reuters) - Wells Fargo CEO Charlie Scharf understands he has a track record for sternness, however he stated that when the bank was finally without a $1.95 trillion possession cap by regulators on Tuesday, he became psychological.
"Everyone thinks that I'm this hard, hard person ... but it's been so long in the making, it's affected a lot of individuals so adversely," Scharf stated. "All of a sudden, it's like it's all been worth it and everyone's feeling it." Scharf, 60, took the helm at Wells Fargo in 2019, vowing to repair its deeply established problems from a fake-accounts scandal that appeared in 2016. The bank faced a public protest, was blasted by legislators and slapped with billions of dollars in fines. The Federal Reserve's decision to raise among Wells Fargo's last major punishments this week has actually mostly closed that chapter in its history. It likewise cements Scharf's legacy after a grueling turnaround in which he upgraded management, slashed headcount and shed businesses.
"I feel terrific," Scharf informed Reuters in a wide-ranging interview on Wednesday after being inundated by congratulatory messages from staff members and counterparts at other banks.
He is turning his focus to growth after serving nearly 6 years as Wells Fargo's fixer-in-chief. He prepares to expand even more in charge card and investment banking, while also buying wealth and industrial banking.
It will not expand in mortgages, he stated. The bank left a number of those operations after they were besieged by scandal.