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Charles Scharf

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Charles W. Scharf
Charles W. Scharf
Scharf in 2020
NationalityAmerican
EducationJohns Hopkins University (BA); New York University Stern School of Business (Executive MBA)
OccupationBank executive
CompanyWells Fargo & Company
TitleChairman and Chief Executive Officer of Wells Fargo

Charles W. Scharf (born 1965), often known as Charlie Scharf, is an American bank executive who is the chairman and chief executive officer of Wells Fargo & Company, one of the largest banks in the United States.[1][2] He became president and chief executive of Wells Fargo in October 2019 and added the chairmanship of its board in October 2025.[3]

Before joining Wells Fargo, Scharf was chief executive of the Bank of New York Mellon from 2017 to 2019 and of Visa Inc. from 2012 to 2016.[4][5] Earlier in his career he spent more than two decades at companies built by Sandy Weill and Jamie Dimon, rising to chief financial officer of Salomon Smith Barney, Citigroup's corporate and investment bank, and Bank One, before running Bank One's and then JPMorgan Chase's retail banking business, where he oversaw the integration of the failed thrift Washington Mutual in 2008.[6][7]

Scharf was recruited to Wells Fargo to lead its recovery from the 2016 fake-accounts scandal, which had left the bank under a Federal Reserve order capping its total assets at about $1.95 trillion.[8] Under his leadership the bank replaced most of its senior management, cut its workforce by roughly a fifth, paid a record $3.7 billion settlement to the Consumer Financial Protection Bureau in 2022, and had the asset cap lifted by the Federal Reserve in June 2025.[9][10][11] In 2020 he drew public criticism, including an apology he was compelled to issue, after telling employees that Wells Fargo had struggled to meet diversity goals because of what he called a "limited pool of Black talent."[12]

Scharf's total compensation as disclosed by Wells Fargo has risen from $29 million for 2023 to $31.2 million for 2024 and a target of $40 million for 2025, alongside a separate special retention award tied to his appointment as chairman.[13][14] He also serves as a director of Microsoft Corporation and as chair of the Bank Policy Institute.[15][16]

Early life and education

Scharf was born in 1965; a Microsoft filing from 2014 recorded his age as 49 at that time, consistent with a birth year of 1965.[17] He earned a bachelor's degree in social and behavioral sciences from Johns Hopkins University and later completed an executive MBA at New York University's Stern School of Business.[16][18] By 2014 he had also served on the board of trustees of Johns Hopkins University.[19] Detailed public accounts of his family background and upbringing are limited; most profiles of Scharf move directly from his education to his entry into banking in the 1990s.

Career

Salomon Smith Barney, Citigroup and Bank One, 1990s to 2004

Scharf spent the first part of his career inside the group of financial companies assembled by Sandy Weill and run operationally by Jamie Dimon, serving as chief financial officer of Salomon Smith Barney (and its predecessor Salomon Brothers) before becoming chief financial officer of Citigroup's global corporate and investment bank division.[16][20] When Dimon left Citigroup and took over as chief executive of Bank One Corporation in Chicago, Scharf followed him, serving first as Bank One's chief financial officer and then as chief executive of its retail banking division.[16]

JPMorgan Chase and the Washington Mutual integration, 2004 to 2011

Bank One merged into JPMorgan Chase & Co. in 2004, and Scharf became chief executive of JPMorgan Chase's retail financial services business. Analysts have since described him as a longtime protege of Dimon, an association that followed him through Visa, BNY Mellon and into his recruitment to Wells Fargo.[21] The retail unit he ran was, by 2012, generating roughly $30 billion in annual revenue and employing around 130,000 people.[22] In that role he was responsible for JPMorgan Chase's acquisition, from the Federal Deposit Insurance Corporation, of the banking operations of Washington Mutual on 25 September 2008 for about $1.9 billion, after Washington Mutual's parent thrift was seized by federal regulators and placed into FDIC receivership.[23] The deal added roughly 2,244 Washington Mutual branches to JPMorgan Chase's network and gave the bank, for the first time, a retail presence spanning both coasts, including new footholds in California, Florida, Washington, Georgia, Idaho, Nevada and Oregon.[23] JPMorgan Chase projected the acquisition would add more than 50 cents a share to earnings in 2009 and generate about $1.5 billion in annual cost savings by 2010, against roughly $1.5 billion of merger costs.[23] Scharf subsequently became a managing director of One Equity Partners, JPMorgan Chase's private-equity arm, before leaving the firm in 2012.[16]

Chief executive of Visa Inc., 2012 to 2016

Scharf, who had previously served two earlier stints as a Visa board member between 2003 and January 2011, became chief executive of Visa Inc. on 1 November 2012, succeeding Joseph W. Saunders, and was simultaneously appointed to the board, which grew from ten to eleven members to accommodate him.[24] During his roughly four years running Visa, the company completed its re-acquisition of Visa Europe in June 2016 and was added to the Dow Jones Industrial Average in 2013; Visa's board later said total shareholder return had increased by more than 130 percent over Scharf's tenure, outperforming both the broader market and Visa's peer group.[25]

On 17 October 2016, Scharf told Visa's board that he could no longer spend enough time at the company's San Francisco headquarters to do the job effectively, and that he would step down as chief executive on 1 December 2016.[25] He said the decision was "entirely personal," reflecting a wish to spend more time with his wife and daughters on the East Coast, and he agreed to remain as an adviser to his successor, Alfred F. Kelly Jr., for several months after the transition.[25][26]

Chief executive of Bank of New York Mellon, 2017 to 2019

Scharf became chief executive of the Bank of New York Mellon Corporation (BNY Mellon) in July 2017 and added the role of board chairman on 1 January 2018.[27] He was brought in to modernize the custody and asset-servicing bank's technology and to sharpen its performance; press coverage at the time of his departure noted that BNY Mellon's shares were still trading below where they had stood when he arrived more than two years earlier.[28]

Recruitment to Wells Fargo, 2019

Wells Fargo had been without a permanent chief executive since the resignation of Timothy Sloan in March 2019, following continued fallout from the 2016 sales-practices scandal, and had been run on an interim basis by board member C. Allen Parker.[28] Scharf was announced as Wells Fargo's new president and chief executive in September 2019 and took office on 21 October 2019, becoming the first outside hire to lead the bank in decades.[28] Commentary at the time framed his combination of retail-banking, payments and regulatory experience, and his personal relationships with senior figures in Washington, as reasons the board considered him a safe choice to rebuild trust with regulators and lawmakers.[28] Analysts at Bloomberg Intelligence said his hiring "may be pivotal in moving Wells Fargo forward from recent issues and executing a long-term strategy to drive profitable growth," pointing in particular to his experience running JPMorgan Chase's retail bank.[29]

Restructuring Wells Fargo, 2019 to 2021

Scharf moved quickly to rebuild Wells Fargo's senior leadership, replacing the chief financial officer, chief operating officer, chief compliance officer and the heads of major business lines within his first year, drawing heavily on executives he had worked with previously at JPMorgan Chase.[28] In November 2019 he hired Bill Daley, a former United States secretary of commerce and White House chief of staff who had been vice chairman at BNY Mellon, to lead Wells Fargo's public affairs function.[28] In February 2020 Scharf reorganized Wells Fargo's business lines, splitting what had been three units into five, including dividing the consumer bank into a branch and small-business unit and a separate consumer-lending unit headed by Mike Weinbach, a hire from JPMorgan Chase's home-lending business; the changes required the head of each unit to report directly to Scharf rather than operate with the semi-autonomous authority that had contributed to the 2016 scandal.[30]

Through 2020 and 2021, with the bank also absorbing the effects of the COVID-19 pandemic, Scharf's cost-cutting program extended to branch closures and consolidation, rationalization of administrative locations, and job reductions spread across nearly every business line.[31] Wells Fargo closed 267 branches in 2021, more than any other United States bank that year, as the industry as a whole shut a record 2,927 branches, up 38 percent from 2,126 closures in 2020.[31] In April 2023, in a further reshuffle of Scharf's leadership team, longtime consumer-banking head Mary Mack retired after nearly four decades at the company and was succeeded by Saul Van Beurden, while Tracy Kerrins was promoted to head of technology.[32]

The Federal Reserve asset cap and its removal, 2018 to 2025

The Federal Reserve had imposed the asset cap on Wells Fargo on 2 February 2018, in response to what it called "widespread consumer abuses and other compliance breakdowns" under Scharf's predecessors, restricting the bank's total consolidated assets to their 31 December 2017 level until its governance and risk-management systems improved to the Federal Reserve's satisfaction.[33] Then Federal Reserve chair Janet Yellen said at the time that the central bank "cannot tolerate pervasive and persistent misconduct at any bank," and that the board of Wells Fargo "will not expand until it is able to do so safely and with the protections needed to manage all of its risks."[33] The cap held Wells Fargo's balance sheet at approximately $1.95 trillion for more than seven years and was estimated by Bloomberg to have cost the bank at least $4 billion in foregone profit through 2020 alone.[34]

Under Scharf, Wells Fargo worked through a long sequence of the underlying regulatory consent orders; the OCC lifted the original 2016 sales-practices consent order in February 2024, which Wells Fargo said was the sixth such order resolved since 2019, while noting that a small number of other orders remained open.[35] Scharf said at the time that "implementing a risk and control framework appropriate for a bank of our size and complexity" had remained his "top priority."[35] On 3 June 2025 the Federal Reserve announced it had lifted the asset cap itself, after Wells Fargo met the conditions of the 2018 order, including improvements to board effectiveness and to its firmwide compliance and operational risk programs, verified through a third-party independent review.[36] Scharf called the decision "a pivotal milestone in our journey to transform Wells Fargo," saying the company had "changed and simplified our business mix, and have transformed the management team and how we run the company," and Wells Fargo gave all of its roughly 215,000 full-time employees a special $2,000 award, largely in restricted stock, to mark the milestone.[37][36] Wells Fargo board chair Steven D. Black said Scharf "has been instrumental in advancing our goal to make Wells Fargo one of the most well-respected, consistently growing financial institutions in the country."[38] Some other terms of the 2018 consent order, including enhanced board oversight and periodic progress reporting, remained in force after the growth restriction itself was removed.[36]

Chairman of Wells Fargo, 2025 to present

On 31 July 2025 Wells Fargo's board announced its intention to name Scharf chairman, alongside a special award of $30 million in restricted share rights and 1,046,000 stock options vesting over three years, which the board said was designed to recognize "his role in leading Wells Fargo through an unprecedented transformation, creating shareholder value and positioning the Company for the future."[39] The appointment took effect on 14 October 2025, with board member Steven Black becoming lead independent director.[40] As of the company's proxy statement filed in March 2026, Scharf continued to serve as both chairman and chief executive.[41] On the company's third-quarter 2025 earnings call, held shortly before the chairmanship took effect, Scharf pointed to "the highest linked-quarter loan growth in over three years" and said he remained "excited about the continued progress we are making on our strategic priorities."[42]

Leadership and management style

Scharf's approach at Wells Fargo has centered on centralizing authority that had previously been dispersed among business-line heads, requiring the leaders of each major unit to report directly to him and imposing the kind of firmwide risk oversight the Federal Reserve had found lacking in 2018.[30][33] He has repeatedly emphasized regulatory remediation as his top stated priority, telling reporters when the OCC lifted its 2016 consent order in 2024 that "implementing a risk and control framework appropriate for a bank of our size and complexity" remained the central task of his tenure, language he has used consistently across several years of public statements.[35]

He has also relied heavily on former colleagues, moving quickly after arriving at Wells Fargo in October 2019 to replace the chief financial officer, chief operating officer, chief compliance officer and heads of credit cards and other divisions with executives who had worked with him earlier in his career, particularly at JPMorgan Chase.[28] Analysts and reporters have described this as importing a JPMorgan-style, centrally managed operating model to a bank whose decentralized, "run it like you own it" culture was widely blamed for the sales-practices scandal.[30] Scharf has paired this management overhaul with sustained cost discipline: Wells Fargo's full-time headcount fell from about 259,800 at the end of 2019 to about 205,000 at the end of 2025, a reduction of roughly 54,800 positions, or about 21 percent, over his first six years in charge.[43]

Major deals and strategic decisions

The largest transaction of Scharf's career came while he ran JPMorgan Chase's retail division: the September 2008 acquisition, for about $1.9 billion, of Washington Mutual's banking operations out of FDIC receivership, which added roughly 2,244 branches and gave JPMorgan Chase its first coast-to-coast retail footprint.[23]

As Visa's chief executive, Scharf oversaw Visa Inc.'s re-acquisition of Visa Europe, completed in June 2016, which reunified the global Visa payments network under a single company after Visa Europe had operated separately, as a bank-owned association, since Visa's 2008 initial public offering.[25]

At Wells Fargo, Scharf's principal strategic decisions have been defensive and structural rather than expansionary, reflecting the constraints of the asset cap: the February 2020 division of the bank's business lines from three units into five, a sustained 2020 to 2021 program of branch closures, consolidation and job reductions, and a multi-year effort to resolve outstanding regulatory consent orders one at a time.[30][35][31] Before the cap was even lifted, Wells Fargo had already begun pushing into growth areas that did not require balance-sheet expansion, including launching five new credit card products and growing its investment-banking market share, alongside continued investment in digital banking platforms.[44] With the asset cap removed in June 2025, Scharf said Wells Fargo intended to expand more deliberately into retail deposits, wealth management, commercial deposits, lending, and trading and investment banking.[36]

Financial and market performance

Wells Fargo's market capitalization rose from about $227.5 billion at the end of 2019, when Scharf took over, to about $250.9 billion on 25 September 2026, with its shares trading at $82.97 on that date.[45] The bank's full-year 2024 results, the most recent full year reported by the time of the asset cap's removal, showed net income of $19.7 billion, up 3 percent from $19.1 billion in 2023, and total revenue of $82.3 billion, roughly flat with $82.6 billion the year before.[46] Diluted earnings per share rose 11 percent, to $5.37 in 2024 from $4.83 in 2023, and return on equity improved to 11.4 percent from 11.0 percent.[46] Wells Fargo returned about $25 billion of capital to shareholders in 2024 through dividends and share buybacks, including a 15 percent increase in its quarterly dividend, and reduced average diluted common shares outstanding by 21 percent since the fourth quarter of 2019.[46][44] In the third quarter of 2025 the bank reported net income of $5.6 billion, revenue of $21.4 billion, diluted earnings per share of $1.66 and a return on equity of 12.8 percent.[47] The asset cap had held Wells Fargo's total assets at approximately $1.95 trillion for most of Scharf's tenure; at the end of 2021, for example, total assets stood at about $1.948 trillion, essentially pinned to the ceiling.[33][48] By 30 June 2026, more than a year after the cap was lifted, Wells Fargo's total assets had grown to about $2.28 trillion.[48]

Alongside that financial recovery, Wells Fargo's workforce has shrunk substantially, from about 259,800 full-time employees at the end of 2019 to about 215,000 by mid-2025 and about 205,000 by the end of 2025.[43]

Board memberships and outside roles

Scharf has served on the board of directors of Microsoft Corporation since October 2014, when he was appointed to Microsoft's governance and nominating committee; he later also joined its compensation committee.[49][50] He is also chair of the Bank Policy Institute, an industry trade group and research organization for large United States banks.[16] In 2014 he was also listed as a director of the Financial Services Roundtable, an earlier bank trade association.[51]

Controversies

Inherited fake-accounts scandal

Scharf did not lead Wells Fargo during the events that produced its central controversy of the last decade. In September 2016, under his predecessor John Stumpf, the Office of the Comptroller of the Currency fined Wells Fargo $35 million, one part of a wider set of penalties, after finding the bank's retail bankers had opened accounts and credit cards for customers without their knowledge or consent in order to meet aggressive sales targets.[52] On 2 February 2018, citing "pervasive and persistent" misconduct, the Federal Reserve took the unprecedented step of capping Wells Fargo's total assets and publicly censured Stumpf and a former lead independent director for their roles in the governance failures.[33] The 2018 order also required Wells Fargo to replace three sitting board members by April 2018 and a fourth by the end of that year.[33] A law-firm analysis of the order noted it also required an independent third-party review of the bank's progress, with an initial review due by 30 September 2018.[53] In April 2018 the OCC and the Consumer Financial Protection Bureau together fined Wells Fargo about $1 billion over improper charges tied to mortgage-rate extensions and forced auto insurance, and in September 2021 the OCC fined the bank a further $250 million for failing to fix earlier deficiencies on time.[52] Scharf inherited this regulatory legacy when he joined the bank in October 2019, and much of his tenure since has been defined by the project of resolving it.[28]

December 2022 Consumer Financial Protection Bureau settlement

In December 2022, while Scharf was chief executive, the Consumer Financial Protection Bureau ordered Wells Fargo to pay $3.7 billion, the largest civil penalty in the agency's history, over improperly and illegally charging fees and interest on mortgage and auto loans, wrongfully repossessing vehicles, and misapplying loan payments.[54] The settlement included about $2 billion in redress to affected customers and a $1.7 billion civil penalty, and the bank booked a $3.5 billion operating-loss charge in the fourth quarter of 2022 as a result.[54] CFPB director Rohit Chopra said the settlement "should not be read as a sign that Wells Fargo has moved past its long-standing problems," adding that the bank's "product launches, growth initiatives, and other efforts to increase profits have delayed needed reform."[54]

2020 remarks on diversity and apology

In a company-wide memo dated 18 June 2020, Scharf wrote that "while it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from," a statement he repeated in similar terms during a Zoom video call with employees that summer, at a time when Wells Fargo was under pressure to explain its lagging progress on internal diversity goals.[55] After Reuters reported the comments on 22 September 2020, they drew immediate criticism, including from Black employees inside the company; one unnamed employee who had attended the call was quoted saying "I can get them 10 to 15 resumes today," and Ken Bacon, a Black former mortgage-industry executive and board member of Ally Financial, said that if bank leaders could not find qualified Black candidates, "they either aren't looking hard enough or don't want to find it."[55] Not every employee present took the same view: Alex David, president of Wells Fargo's Black/African American Connection Team Member Network, told Reuters the meeting had been "incredibly constructive" and that he walked away "surprised at how genuine and sincere" Scharf seemed.[55]

Scharf apologized in a follow-up company-wide memo on 23 September 2020, describing his original comment as "insensitive" and a reflection of his "own unconscious bias." He wrote that "there are many talented diverse individuals working at Wells Fargo and throughout the financial services industry, and I never meant to imply otherwise," while adding that "across the industry, we have not done enough to improve diversity, especially at senior leadership levels."[56][57] Wells Fargo pointed to steps it said Scharf had already taken in his first year as chief executive, including adding two Black executives, Lester Owens and Ather Williams, to its operating committee, tying part of executive compensation to progress on diversity goals, and pledging to double the number of Black leaders at the bank within five years.[57]

Personal life

Scharf is married and has two daughters; when he stepped down as Visa's chief executive in 2016 he said the decision was "entirely personal" and reflected a wish, shared with his wife, to spend more time with their daughters.[25][58] He resides in the New York City area and leads Wells Fargo from the bank's Manhattan offices, travelling regularly to the company's other major hubs.[16][28]

See also

References

  1. ↑ <ref>"Microsoft Names Charles W. Scharf to Board of Directors".Microsoft Corporation, SEC Form 8-K exhibit.16 September 2014.Retrieved 26 September 2026.</ref>
  2. ↑ <ref>"Wells Fargo Board of Directors Announces Intention to Name CEO, Charlie Scharf, Chairman".Wells Fargo & Company.31 July 2025.Retrieved 26 September 2026.</ref>
  3. ↑ <ref>"Wells Fargo & Company Notice of 2026 Annual Meeting and Proxy Statement".Wells Fargo & Company, SEC Form DEF 14A.18 March 2026.Retrieved 26 September 2026.</ref>
  4. ↑ <ref>"Visa Inc. Form 8-K, exhibit on CEO transition".Visa Inc..17 October 2016.Retrieved 26 September 2026.</ref>
  5. ↑ <ref>"BNY Mellon's CEO leaving to attempt Wells Fargo turnaround".27 September 2019.Retrieved 26 September 2026.</ref>
  6. ↑ <ref>"Charles W. Scharf".Bank Policy Institute.Retrieved 26 September 2026.</ref>
  7. ↑ <ref>"Charles W. Scharf".Microsoft News Center.Retrieved 26 September 2026.</ref>
  8. ↑ <ref>"Federal Reserve Board announces the results of a review conducted by an independent third party pursuant to a consent order".Board of Governors of the Federal Reserve System.2 February 2018.Retrieved 26 September 2026.</ref>
  9. ↑ <ref>"Wells Fargo's Record $3.7B Fine From the CFPB Shows Continued Problems".The Motley Fool.22 December 2022.Retrieved 26 September 2026.</ref>
  10. ↑ <ref>"Fed lifts Wells Fargo's asset cap".Banking Dive.3 June 2025.Retrieved 26 September 2026.</ref>
  11. ↑ <ref>"Wells Fargo (WFC) - Number of Employees".StockAnalysis.com.Retrieved 26 September 2026.</ref>
  12. ↑ <ref>"Wells Fargo CEO Scharf comes under fire over diversity comments".Banking Dive.22 September 2020.Retrieved 26 September 2026.</ref>
  13. ↑ <ref>"Wells Fargo & Company Form 8-K, CEO 2023 compensation".Wells Fargo & Company.23 January 2024.Retrieved 26 September 2026.</ref>
  14. ↑ <ref>"Wells Fargo raised Charlie Scharf's pay to $31.2M in 2024".Banking Dive.24 January 2025.Retrieved 26 September 2026.</ref>
  15. ↑ <ref>"Charles W. Scharf".Microsoft News Center.Retrieved 26 September 2026.</ref>
  16. ↑ 16.0 16.1 16.2 16.3 16.4 16.5 16.6 <ref>"Charles W. Scharf".Bank Policy Institute.Retrieved 26 September 2026.</ref>
  17. ↑ <ref>"Microsoft Names Charles W. Scharf to Board of Directors".Microsoft Corporation, SEC Form 8-K exhibit.16 September 2014.Retrieved 26 September 2026.</ref>
  18. ↑ <ref>"Charles W. Scharf".Microsoft News Center.Retrieved 26 September 2026.</ref>
  19. ↑ <ref>"Microsoft Names Charles W. Scharf to Board of Directors".Microsoft Corporation, SEC Form 8-K exhibit.16 September 2014.Retrieved 26 September 2026.</ref>
  20. ↑ <ref>"Charles W. Scharf".Microsoft News Center.Retrieved 26 September 2026.</ref>
  21. ↑ <ref>"Wells Fargo names BNY Mellon's Charles Scharf CEO".27 September 2019.Retrieved 26 September 2026.</ref>
  22. ↑ <ref>"Visa Inc. Form 8-K, exhibit announcing Charles Scharf as CEO".Visa Inc..1 October 2012.Retrieved 26 September 2026.</ref>
  23. ↑ 23.0 23.1 23.2 23.3 <ref>"JPMorgan Chase Acquires the Deposits, Assets and Certain Liabilities of Washington Mutual's Banking Operations".JPMorgan Chase & Co..25 September 2008.Retrieved 26 September 2026.</ref>
  24. ↑ <ref>"Visa Inc. Form 8-K, exhibit announcing Charles Scharf as CEO".Visa Inc..1 October 2012.Retrieved 26 September 2026.</ref>
  25. ↑ 25.0 25.1 25.2 25.3 25.4 <ref>"Visa Inc. Form 8-K, exhibit on CEO transition".Visa Inc..17 October 2016.Retrieved 26 September 2026.</ref>
  26. ↑ <ref>"Charlie Scharf, CEO of Visa (posts)".Aaron McHugh.Retrieved 26 September 2026.</ref>
  27. ↑ <ref>"Wells Fargo names BNY Mellon's Charlie Scharf CEO".27 September 2019.Retrieved 26 September 2026.</ref>
  28. ↑ 28.0 28.1 28.2 28.3 28.4 28.5 28.6 28.7 28.8 <ref>"BNY Mellon's CEO leaving to attempt Wells Fargo turnaround".27 September 2019.Retrieved 26 September 2026.</ref>
  29. ↑ <ref>"Wells Fargo names BNY Mellon's Charles Scharf CEO".27 September 2019.Retrieved 26 September 2026.</ref>
  30. ↑ 30.0 30.1 30.2 30.3 <ref>"Scharf overhauls Wells Fargo's structure".February 2020.Retrieved 26 September 2026.</ref>
  31. ↑ 31.0 31.1 31.2 <ref>"US banks close 2,927 branches in 2021, a 38% jump".2022.Retrieved 26 September 2026.</ref>
  32. ↑ <ref>"Wells Fargo announces senior leadership changes".Wells Fargo & Company.13 April 2023.Retrieved 26 September 2026.</ref>
  33. ↑ 33.0 33.1 33.2 33.3 33.4 33.5 <ref>"Federal Reserve Board announces the results of a review conducted by an independent third party pursuant to a consent order".Board of Governors of the Federal Reserve System.2 February 2018.Retrieved 26 September 2026.</ref>
  34. ↑ <ref>"A Guide to All of Wells Fargo's Consent Orders".The Motley Fool.10 October 2021.Retrieved 26 September 2026.</ref>
  35. ↑ 35.0 35.1 35.2 35.3 <ref>"Wells Fargo fake-accounts consent order lifted by OCC".16 February 2024.Retrieved 26 September 2026.</ref>
  36. ↑ 36.0 36.1 36.2 36.3 <ref>"Fed lifts Wells Fargo's asset cap".Banking Dive.3 June 2025.Retrieved 26 September 2026.</ref>
  37. ↑ <ref>"Wells Fargo & Company Form 8-K exhibit, Federal Reserve lifts asset cap".Wells Fargo & Company.3 June 2025.Retrieved 26 September 2026.</ref>
  38. ↑ <ref>"Wells Fargo & Company Form 8-K exhibit, Federal Reserve lifts asset cap".Wells Fargo & Company.3 June 2025.Retrieved 26 September 2026.</ref>
  39. ↑ <ref>"Wells Fargo Board of Directors Announces Intention to Name CEO, Charlie Scharf, Chairman".Wells Fargo & Company.31 July 2025.Retrieved 26 September 2026.</ref>
  40. ↑ <ref>"Wells Fargo & Company Notice of 2026 Annual Meeting and Proxy Statement".Wells Fargo & Company, SEC Form DEF 14A.18 March 2026.Retrieved 26 September 2026.</ref>
  41. ↑ <ref>"Wells Fargo & Company Notice of 2026 Annual Meeting and Proxy Statement".Wells Fargo & Company, SEC Form DEF 14A.18 March 2026.Retrieved 26 September 2026.</ref>
  42. ↑ <ref>"Wells Fargo Reports Third Quarter 2025 Results".Wells Fargo & Company, SEC Form 8-K exhibit.14 October 2025.Retrieved 26 September 2026.</ref>
  43. ↑ 43.0 43.1 <ref>"Wells Fargo (WFC) - Number of Employees".StockAnalysis.com.Retrieved 26 September 2026.</ref>
  44. ↑ 44.0 44.1 <ref>"Wells Fargo & Company Form 8-K, CEO 2024 compensation".Wells Fargo & Company.30 January 2025.Retrieved 26 September 2026.</ref>
  45. ↑ <ref>"Wells Fargo (WFC) Market Cap".StockAnalysis.com.Retrieved 26 September 2026.</ref>
  46. ↑ 46.0 46.1 46.2 <ref>"Wells Fargo Reports Fourth Quarter and Full Year 2024 Results".Wells Fargo & Company, SEC Form 8-K exhibit.15 January 2025.Retrieved 26 September 2026.</ref>
  47. ↑ <ref>"Wells Fargo Reports Third Quarter 2025 Results".Wells Fargo & Company, SEC Form 8-K exhibit.14 October 2025.Retrieved 26 September 2026.</ref>
  48. ↑ 48.0 48.1 <ref>"Wells Fargo (WFC) Balance Sheet".StockAnalysis.com.Retrieved 26 September 2026.</ref>
  49. ↑ <ref>"Microsoft Names Charles W. Scharf to Board of Directors".Microsoft Corporation, SEC Form 8-K exhibit.16 September 2014.Retrieved 26 September 2026.</ref>
  50. ↑ <ref>"Charles W. Scharf".Microsoft News Center.Retrieved 26 September 2026.</ref>
  51. ↑ <ref>"Microsoft Names Charles W. Scharf to Board of Directors".Microsoft Corporation, SEC Form 8-K exhibit.16 September 2014.Retrieved 26 September 2026.</ref>
  52. ↑ 52.0 52.1 <ref>"A Guide to All of Wells Fargo's Consent Orders".The Motley Fool.10 October 2021.Retrieved 26 September 2026.</ref>
  53. ↑ <ref>"Implications of the Federal Reserve's Enforcement Action Against Wells Fargo".Paul, Weiss, Rifkind, Wharton & Garrison LLP.February 2018.Retrieved 26 September 2026.</ref>
  54. ↑ 54.0 54.1 54.2 <ref>"Wells Fargo's Record $3.7B Fine From the CFPB Shows Continued Problems".The Motley Fool.22 December 2022.Retrieved 26 September 2026.</ref>
  55. ↑ 55.0 55.1 55.2 <ref>"Wells Fargo CEO Scharf comes under fire over diversity comments".Banking Dive.22 September 2020.Retrieved 26 September 2026.</ref>
  56. ↑ <ref>"Wells Fargo CEO apologizes for blaming lack of diversity on "limited pool of Black talent"".CBS News.23 September 2020.Retrieved 26 September 2026.</ref>
  57. ↑ 57.0 57.1 <ref>"Wells Fargo CEO sorry for 'insensitive comment' on diversity".NBC News.23 September 2020.Retrieved 26 September 2026.</ref>
  58. ↑ <ref>"Charlie Scharf, CEO of Visa (posts)".Aaron McHugh.Retrieved 26 September 2026.</ref>
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