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He could just be a true believer, said Jeff Hauser, director of the Revolving Door Project, which scrutinizes conflicts of interest in politics. Bank of America executive emerges as big Republican donor | Charlotte Those are issues that are unique to Wells Fargo. Charles Scharf, who landed in New York in 1834 ; George Scharf, who arrived in Allegany County in 1844 . Fortune spoke with Scharf and top Wells Fargo executivesas well as analysts, critics, industry rivals, and former colleagues of Scharfsto capture the state of the turnaround, some 15 months into the CEOs tenure. FORTUNE may receive compensation for some links to products and services on this website. George Soros Biography - Money,Politics, George Soros Biography "The Wells Fargo team should use that as an opportunity to move forward," she added. His successor, Tim Sloan, resigned under political pressure in March 2019. Theres the commercial bank that serves millions of small businesses. He points to the companys goal of doubling Black representation in its senior ranks over the next five years, as well as its plan (announced in his June memo) to tie some of executives compensation to the diversity of their business lines. If you think hes just another CEO, you might want to think again. The general gloom obscured the fact that Wells Fargo also revealed substantial details about its futureas a leaner institution doubling down on what it does well. Charlie Scharf, the chief executive of Wells Fargo, was appointed to his post in late 2019. If he doesnt have the answers, hes not the least bit afraid to admit that fact and move forward from there. Wells Fargo isnt too big to manage it was grossly mismanaged, he said. 2020 presidential election: Why Koch network won't help Trump - CNBC They also highlighted the whiteness and maleness of the ranks of former colleagues from which Scharf had recruited many of his lieutenants. In 1980, David H. Koch, one of the two billionaire industrialist brothers at the center of a sprawling and powerful political network, served as the Libertarian Party's vice . The problems were endemic across the company, with similar sharklike misconduct surfacing in Wells mortgage, auto lending, and wealth management businesses. Charlie is a proven leader and an experienced CEO who has excelled at strategic leadership and execution and is well-positioned to lead Wells Fargos continued transformation. Toggle navigation VoterRecords.com. The comment drew criticism from politicians such as liberal New York congresswoman Alexandria Ocasio-Cortez, as well as business leaders. Scharf, still in the early days of meeting Wells workforce, found himself confined to his Long Island home office. The National Credit Union Administration is seeking the perspective of credit union leaders in areas vulnerable to natural disasters to gauge the true scope of environmental changes and to inform best practices for managing their impact. Even amid lockdowns, Wells Fargo had 1 million customers a day coming in to our branches.. New Wells Fargo CEO Charlie Scharf hasnt made a public federal political contribution since joining the bank last year. American businessman, Charles Scharf is best known as the Chief Executive Officer (CEO) of The Bank of New York Mellon Corporation. Some 20 years ago, while living in Chicago as CFO at Bank One, Scharf began taking guitar lessons. [6], At age 47, Scharf took over as Visa's CEO in November 2012, succeeding Joseph Saunders. "Anyone who's open to re-evaluating their position, their perspective and taking into consideration a new set of facts, you have to give him the benefit of the doubt," Teri McClure, a former executive with United Parcel Service, who had been among those criticising Mr Scharf, told Reuters.