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Scharf’s Era Atop Wells Fargo Begins With a Long To-Do List (1)

Oct. 21, 2019, 9:00 AMUpdated: Oct. 21, 2019, 5:08 PM

Wells Fargo & Co.’s long-awaited next leader, Charlie Scharf, took over Monday with a fairly straightforward mandate: Finish what three predecessors couldn’t.

The bank will put “all available resources” toward building out operations, risk and control functions, and making harmed customers whole, Scharf said in a firm-wide memo seen by Bloomberg News. He’ll also make “some changes and significant investments,” in technology in particular, as he works to move Wells Fargo past its problems and restore its position as an industry leader.

Scandals and frayed relations with much of Washington have dragged on the stock for more than ...