The current CEO of Wells Fargo

Charlie Scharf has been the Chief Executive Officer of Wells Fargo since October 2019. He is the person responsible for the day-to-day decisions at the bank, from how branches operate to what products the bank offers to customers like you.

Before joining Wells Fargo, Scharf worked at Bank of New York Mellon and at Visa. His role at Wells Fargo came after a period when the bank had multiple CEOs in quick succession, partly because of trust issues the bank faced with customers and regulators.

Key Takeaways

  • Charlie Scharf has led Wells Fargo as CEO since October 2019 and oversees all major bank operations and decisions.
  • The CEO reports to a Board of Directors, which is a group of people elected to watch over the bank on behalf of shareholders and the public.
  • Wells Fargo is a publicly traded company, meaning anyone can buy shares of ownership, and the CEO must answer to those shareholders.
  • Leadership changes at a bank can affect how it treats customers, what fees it charges, and which products it offers.

How the CEO fits into Wells Fargo's structure

The CEO is the top executive, but not the only person making decisions. Above the CEO sits the Board of Directors — a group of people who are elected to represent shareholders (the people who own pieces of the bank) and to make sure the bank operates fairly and legally.

Below the CEO are other executives who run specific parts of the bank: the Chief Financial Officer handles money and budgets, the Chief Risk Officer watches for problems, and regional leaders run branches in different parts of the country. The CEO coordinates all of these people and sets the overall direction.

Why the CEO matters to you as a customer

The CEO's decisions shape what you experience at Wells Fargo. They decide whether to raise or lower fees, which products to offer, how many branches to keep open, and how the bank treats customers when problems happen. A CEO who prioritizes customer trust may invest in better training for staff or simpler account terms. A CEO focused on cutting costs might reduce branch hours or raise monthly maintenance fees.

Leadership also affects how the bank responds to complaints. After Wells Fargo faced major scandals involving fake accounts and misleading customers, the board brought in Scharf partly to rebuild trust. His decisions about how the bank handles customer service and complaint resolution are part of that effort.

What happened before Charlie Scharf became CEO

Wells Fargo went through several CEOs in the years before Scharf arrived. In 2016, the bank admitted that employees had opened millions of accounts without customers' permission — a major breach of trust. The CEO at that time, John Stumpf, resigned. Two CEOs followed him in quick succession, but neither stayed long.

The bank's board decided it needed someone from outside Wells Fargo who could bring fresh perspective and rebuild the bank's reputation. That is when they hired Scharf from Bank of New York Mellon.

How Wells Fargo is owned and who holds the CEO accountable

Wells Fargo is a publicly traded company, which means anyone can buy stock (a small piece of ownership) in it. Because of this, the bank has thousands of owners, not just one person or family. The CEO must answer to all of them.

Shareholders vote on major decisions and elect the Board of Directors. The board then hires and can fire the CEO. If shareholders believe the CEO is not doing a good job, they can vote to replace board members who support that CEO. This system is meant to keep the CEO accountable, though it does not always work perfectly.

Regulators also oversee the CEO and the bank

The CEO does not have complete freedom to run the bank however they want. Federal agencies like the Office of the Comptroller of the Currency and the Federal Reserve set rules that all banks must follow. They examine Wells Fargo regularly to make sure it is following those rules and treating customers fairly.

After the fake accounts scandal, regulators placed extra restrictions on Wells Fargo. These restrictions limit how fast the bank can grow and require it to improve how it handles customer complaints. The CEO must work within these limits.

What the CEO's job actually involves day-to-day

The CEO does not personally handle every decision at a bank with thousands of employees and millions of customers. Instead, the CEO sets strategy, meets with other executives, speaks with the board, and makes decisions on the biggest issues — like whether to buy another bank, how much profit to aim for, or how to respond to a major problem.

The CEO also represents the bank publicly. They give speeches, meet with regulators, and speak to the media. When something goes wrong at Wells Fargo, the CEO is often the face of the bank's response.

Frequently Asked Questions

Can I contact the CEO if I have a problem with my Wells Fargo account?

The CEO does not handle individual customer complaints. If you have a problem, contact your local branch, call Wells Fargo's customer service line, or file a complaint with the Consumer Financial Protection Bureau. These channels are designed to solve customer problems quickly.

How much does the CEO make?

The CEO's pay is public information because Wells Fargo is a publicly traded company. It includes salary, bonuses, and stock awards. The exact amount changes year to year based on the bank's performance and board decisions. You can find this information in Wells Fargo's annual proxy statement, filed with the Securities and Exchange Commission.

What happens if the CEO leaves or is fired?

The board would choose a new CEO from inside or outside the bank. During the transition, another executive usually takes over temporarily. The bank would announce the change publicly, and it might affect how the bank operates depending on the new CEO's priorities.

Is the CEO responsible for the fake accounts scandal?

Charlie Scharf was not the CEO when the fake accounts scandal happened — that occurred under previous leadership. Scharf was hired after the scandal to help fix the problems it created. However, he is responsible for how Wells Fargo continues to address that history and prevent similar problems.