Dimon Says Wells Fargo Is ‘Coming Back’ Under His Former Protege

Jamie Dimon said Charlie Scharf is creating a formidable competitor in Wells Fargo & Co.

As the longtime JPMorgan Chase & Co. chief executive officer described his firm’s competitive landscape on a conference call Friday in response to a question from Wells Fargo analyst Mike Mayo, he nodded to Scharf’s turnaround of the fourth-biggest US lender.

“Wells, you know, who’s coming back, which I’m happy for you guys,” Dimon said before listing other rivals including Goldman Sachs Group Inc.’s Marcus, Apple Inc., Chime Financial Inc., Dave Inc. and Stripe Inc.

Wells Fargo CEO Charlie Scharf, left, with other bank leaders, including JPMorgan’s Jamie Dimon, second from right, at a hearing in Washington on Sept. 22, 2022.

Photographer: Al Drago/Bloomberg

Scharf took over as ...