Charlie Scharf is the Chief Executive Officer of Wells Fargo

Charlie Scharf has been the CEO of Wells Fargo since October 2019. He reports to the board of directors and is responsible for the day-to-day operations of the bank, which includes managing roughly 250,000 employees across the United States and internationally. His role means he sets strategy, oversees risk management, and represents the bank to regulators and the public.

Before joining Wells Fargo, Scharf was the CEO of Bank of New York Mellon. He also previously worked at Visa and spent time in leadership roles at other financial institutions. His appointment came after Wells Fargo had faced significant regulatory scrutiny and leadership changes related to the fake accounts scandal that became public in 2016.

Key Takeaways

  • Charlie Scharf has led Wells Fargo as CEO since October 2019 and oversees all major bank operations and strategy.
  • The CEO reports directly to Wells Fargo's board of directors, which includes independent directors and other executives who provide oversight.
  • Wells Fargo's leadership structure includes a Chief Financial Officer, Chief Risk Officer, and other executives who manage specific divisions under the CEO.
  • The board of directors and CEO are subject to regulatory oversight from federal banking agencies including the Federal Reserve and the Office of the Comptroller of the Currency.

What the CEO Actually Does at a Bank This Size

The CEO of a bank as large as Wells Fargo does not handle individual customer issues or decide on specific loan approvals. Instead, Scharf sets the overall direction for the bank, approves major business decisions, and ensures the bank complies with federal and state banking regulations. He also manages relationships with regulators, investors, and the public.

Day-to-day operations are handled by division heads and regional managers who report up through the organizational structure. The CEO receives reports on performance, risk, and compliance from these leaders and makes decisions about resource allocation, new business lines, and strategic changes. In a bank with this many employees and customers, the CEO's role is primarily about oversight and direction-setting rather than direct management.

The Board of Directors Provides Oversight

The CEO does not have unlimited authority. Wells Fargo's board of directors—a group of independent directors and other executives—meets regularly to review the CEO's performance, approve major decisions, and may support the bank is being run in the interest of shareholders and customers. The board can remove the CEO if performance is poor or if the bank faces serious problems.

The board also appoints other senior executives, including the Chief Financial Officer and Chief Risk Officer. These executives manage specific areas of the bank and report both to the CEO and directly to board committees that oversee their work. This structure creates checks on the CEO's power and ensures multiple layers of accountability.

Regulatory Oversight Above the CEO

The CEO and the board operate under supervision from federal banking regulators. The Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB) all have authority over Wells Fargo's operations. These agencies can require the bank to change practices, impose fines, or restrict business activities if they find violations or unsafe practices.

Regulators also conduct regular examinations of the bank's operations, risk management, and compliance with laws. The CEO and senior leadership must respond to regulatory findings and implement corrective actions. This regulatory oversight exists because banks handle customer deposits and play a critical role in the financial system, so their safety and soundness matter to the broader economy.

How Wells Fargo's Leadership Structure Works

Below the CEO, Wells Fargo is organized into divisions that handle different types of business: consumer banking, commercial banking, wealth management, and investment banking. Each division has a head who reports to the CEO. Within each division are regional managers, branch managers, and individual employees who handle customer-facing work.

The bank also has corporate functions—finance, risk management, compliance, human resources, legal—that support all divisions. These functions are led by executives who report to the CEO and often have direct accountability to board committees. This structure allows the CEO to manage a very large organization by delegating responsibility while maintaining oversight through reporting relationships and regular board meetings.

Leadership Changes and Regulatory History

Wells Fargo went through multiple CEO changes between 2016 and 2019 following the fake accounts scandal, in which employees created unauthorized customer accounts to meet sales targets. These changes reflected the board's response to regulatory pressure and the need to rebuild trust with customers and regulators. Scharf's appointment was intended to signal a new direction for the bank.

Since taking the role, Scharf has faced ongoing regulatory scrutiny and has had to implement changes to the bank's culture, compensation practices, and risk management. The bank has paid billions in fines and settlements related to past misconduct. The CEO's job in this context includes not only running the bank's current business but also addressing legacy issues and preventing similar problems in the future.

Frequently Asked Questions

Can I contact the CEO directly with a customer complaint?

No. The CEO does not handle individual customer issues. If you have a problem with your account or a service, contact your local branch, call customer service, or file a complaint with the Consumer Financial Protection Bureau. The CFPB forwards complaints to the bank, and the bank is required to respond.

Does the CEO own Wells Fargo?

No. Wells Fargo is a publicly traded company owned by shareholders who buy and sell stock. The CEO is an employee hired by the board of directors. The CEO may own some shares as part of compensation, but does not own the bank outright.

What happens if the CEO makes a major mistake?

The board of directors can remove the CEO if performance is poor or if serious problems occur. Regulators can also require the board to make leadership changes as a condition of approval for major business decisions. The CEO is accountable to both the board and federal banking regulators.

How much does the CEO make?

Wells Fargo discloses executive compensation in its annual proxy statement filed with the Securities and Exchange Commission. This document is public and shows salary, bonuses, and other compensation for the CEO and other top executives. The amount varies year to year based on performance and board decisions.