Wells Fargo poaches BNY Mellon chief executive
Wells Fargo has named BNY Mellon boss Charles Scharf as its new chief executive.
Scharf will join the firm in October, making him the lender’s third chief executive since the bank became embroiled in a sales scandal in 2016.
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Scharf, who was chief executive at BNY Mellon for two years, will take over from interim boss Allen Parker who was appointed after Tim Sloan resigned abruptly in March.
Wells Fargo said Scharf’s base salary will be $2.5m.
BNY Mellon has appointed finance chief Thomas Gibbons as interim chief executive, and said Scharf had forfeited all of his equity and incentive awards.
Scharf said, “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.
“I have deep respect for all the work that has taken place to transform Wells Fargo, and I look forward to working closely with the board, members of the management team, and team members.
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“I am committed to fully engaging with all of our stakeholders including regulators, customers, elected officials, investors, and communities.”
Before joining BNY Mellon Scharf was chief executive at Visa, the world’s largest payment network.