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New CEO At Wells Fargo

Wells Fargo
WFAE

Wells Fargo has named a new CEO and president. The bank today said Charles Scharf will take over both positions next month. He’s currently employed as head of the Bank of New York Mellon, and is the former CEO of Visa Incorporated. 

Scharf replaces Wells Fargo's former CEO Tim Sloan, who abruptly stepped down in March after a year of fallout tied to revelations that his employees were opening millions of fraudulent accounts to meet high pressure sales goals.

"I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change," Scharf said.