Wells Fargo CEO Charlie Scharf wants the bank to clean up its act, but he won’t give specifics on when that will happen. His reticence is wise, but it leaves his investors in valuation limbo, writes johnsfoley.
Wells Fargo Chief Executive Charlie Scharf appeared before a U.S. congressional panel on March 10, telling politicians that the bank he has run since October had a “broken culture” and flawed model.
The House Committee on Financial Services is holding a series of hearings on Wells Fargo centered around the creation of millions of fake customer accounts over a period of more than a decade leading up to 2016. Scharf is the fourth person to run Wells Fargo since the fake accounts scandal broke in 2016, and the third to testify before the committee. Both John Stumpf and Tim Sloan resigned shortly after their respective hearings.
Betsy Duke stepped down as Wells Fargo’s board chair on March 8. She had been in the role since January 2018. Charles Noski, who has been on the board since June 2019, took over the position.
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