Charles Scharf has begun his new role at CEO of Wells Fargo & Co this week.
Scharf, the previous CEO of Visa Inc. and BNY Mellon, began his position as CEO and President of Wells Fargo on October 21.
He is the company’s fourth CEO since 2016.
The new CEO's tasks range from tackling regulatory issues to boosting revenues and margins, both of which rank highly in the company’s priorities.
What does this mean?
In his new role, it is hoped that Scharf’s extensive experience in banking and payments will help Wells Fargo make long term changes to improve Wells Fargo’s public image and ensure that the bank has a healthy relationship with regulators.