Wells Fargo CEO Says ‘Worry’ a Strong Word About Private Credit

Wells Fargo & Co.Chief Executive Officer Charlie Scharf said risks surrounding the rapid growth of private credit shouldn’t be painted with a broad brush and aren’t causing major systemic issues among banks.

Investors were spooked last week by the third instance of alleged loan fraud since early September, causing regional banks to report writedowns. That also sparked debate on Wall Street as to whether there are cracks in what has been a strong credit market.

Charles Scharf

Photographer: Al Drago/Bloomberg

At Wells Fargo, credit quality has been “exceptionally good,” Scharf said in an interview hosted by the Economic Club of New York on ...