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Wells Fargo Names BNY Mellon’s Scharf CEO to Lead Turnaround (3)

Sept. 27, 2019, 11:43 AMUpdated: Sept. 27, 2019, 4:50 PM

Wells Fargo & Co. named Charlie Scharf chief executive officer, marking a new era in the bank’s efforts to turn itself around after a series of scandals claimed two previous CEOs in the past three years.

Scharf, the CEO of Bank of New York Mellon Corp., will replace interim chief Allen Parker on Oct. 21, capping a wide-ranging hunt for an outsider able to fix relations with the government and reinvigorate the San Francisco-based lender, which has seen its stock fall behind rivals’ in recent months. Shares of the company rose 4.4% at 12:14 p.m., Sept. 27, in New York. ...