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Scharf’s Exit Leaves BNY Mellon Scrambling to Finish His Revamp

Sept. 27, 2019, 12:38 PMUpdated: Sept. 27, 2019, 6:47 PM

Charlie Scharf is leaving Bank of New York Mellon Corp. in the lurch.

Just two years after joining the firm to speed up an overhaul of the custody bank, Scharf is on to his next project: leading a turnaround at Wells Fargo & Co.

The problem is, he wasn’t done transforming BNY Mellon. Todd Gibbons, who’s been with the firm for 30 years, was named interim chief executive officer Sept. 27, when Scharf announced his move. But no plans for finding a permanent replacement have been made public.

The abrupt departure leaves BNY Mellon without a long-term leader and ...