Hailey Johnson
Wells Fargo & Company is a multinational financial services company with a presence in 35 countries and over 70 million customers worldwide. It is considered one of the Big Four Banks in the United States. Since October 2019, the CEO and President of Wells Fargo has been Charles W. Scharf, who has over 30 years of experience in the banking and payments industries. Prior to joining Wells Fargo, Scharf held leadership positions at various financial institutions, including Visa Inc. and JPMorgan Chase & Co. Wells Fargo's commercial banking division is led by Kyle G. Hranicky, who has been with the company since 1995 and has held several senior positions.
| Characteristics | Values |
|---|---|
| Name | Charles W. Scharf |
| Nickname | Chainsaw Charlie |
| c***@wellsfargo.com | |
| Appointed CEO | 27 September 2019 |
| Became CEO | October 2019 |
| Total compensation in 2023 | $26 million |
| Total compensation in 2024 | $31.2 million |
| Total compensation increase | 7.6% |
| Years of experience in leadership roles in the banking and payments industries | More than 30 years |
| Previous roles | Chief executive officer of Bank of New York Mellon, chairman of Visa Inc., managing director of One Equity Partners at JPMorgan Chase & Co., chief executive officer of Retail Financial Services at JPMorgan Chase, chief executive officer and CFO at Bank One Corp., chief financial officer of the Global Corporate and Investment Bank division of Citigroup, chief financial officer of Salomon Smith Barney and its predecessor company |
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What You'll Learn
Charles W. Scharf is the CEO of Wells Fargo
Charles W. Scharf is the Chief Executive Officer and President of Wells Fargo & Company. He has held this position since October 2019 and is also a member of the company's Board of Directors.
Scharf is a financial services veteran with over 30 years of experience in leadership roles in the banking and payments industries. Before joining Wells Fargo, he served as the chief executive officer of Bank of New York Mellon from July 2017 to October 2019 and was the chairman of its board from January 2018 to October 2018. He also held the position of chief executive officer and director of Visa Inc. from November 2012 to December 2016.
Prior to these roles, Scharf had a varied career in finance. He was a managing director of One Equity Partners at JPMorgan Chase & Co., chief executive officer of Retail Financial Services at JPMorgan Chase, and chief executive officer of the retail division of Bank One Corp. He also held chief financial officer roles at several companies, including Bank One Corp., the Global Corporate and Investment Bank division of Citigroup, and Salomon Smith Barney.
Scharf took over Wells Fargo during a challenging period for the company, which was facing the aftermath of a fake-accounts scandal that erupted in 2016. He has focused on repairing the company's reputation and overhauling its operations, including installing new leadership, reducing the workforce, exiting unprofitable businesses, and reworking the bank's risk management and controls.
In recognition of his efforts, Scharf's pay was raised to $31.2 million in 2024, a 7.6% increase from the previous year. The bank's board credited him for returning $25 billion to shareholders and maintaining a focus on risk and control infrastructure.
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Scharf has been CEO since October 2019
Charles W. Scharf, known as "Chainsaw Charlie", has been the CEO and President of Wells Fargo & Company since October 2019. He is also a member of the company's Board of Directors.
Scharf's appointment was announced on September 27, 2019, and he succeeded John Stumpf, who retired in 2016 amid scandals. Before joining Wells Fargo, Scharf had a long career in the financial services industry, with over 30 years of experience in leadership roles. He previously served as the CEO of Visa Inc. and BNY Mellon, as well as holding various positions at JPMorgan Chase & Co. and Citigroup.
As the CEO of Wells Fargo, Scharf has focused on transforming the company's culture and improving its reputation following several scandals. He has installed new leadership, cut jobs, exited unprofitable businesses, and reworked the bank's risk management and controls. In terms of future plans, Scharf intends to expand the bank's credit card and investment banking operations, while also investing in wealth and commercial banking. Notably, he does not plan to expand the mortgage business.
Scharf's tenure at Wells Fargo has not been without controversy. In 2020, he faced criticism for comments about Black people in the workforce, claiming that the company faced issues reaching diversity goals due to a lack of qualified minority talent. Despite this, Scharf has seen financial success, with his total compensation from Wells Fargo increasing from $26 million in 2023 to $31.2 million in 2024.
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He has over 30 years of experience in leadership roles
Charles W. Scharf, known as "Chainsaw Charlie" within Wells Fargo, has been the CEO and President of Wells Fargo & Company since October 2019. He is a financial services veteran with over 30 years of experience in leadership roles in the banking and payments industries.
Scharf's career began in 1991 after he completed his Executive MBA at New York University Stern School of Business. He joined JPMorgan Chase & Co., where he served as the managing director of One Equity Partners, the private investment section of JPMorgan. From 1995 to 1999, he was the CFO at Salomon Smith Barney, and from 1999 to 2000, he was the CFO of the Global Corporate and Investment Bank division at Citigroup, Inc. Scharf then returned to JPMorgan Chase, where he served as CEO of Retail Financial Services from 2000 to June 2004. During this time, he also held the position of CEO and CFO at Bank One Corp.
In July 2004, Scharf left JPMorgan Chase to become the CEO of Visa Inc. for nine years. During his tenure, he successfully increased the size of the board and led the company to achieve $11.7 billion in revenue, securing a spot on the Fortune 500 list. Following his time at Visa, Scharf took on the role of CEO at Bank of New York Mellon from July 2017 to October 2019. Concurrently, he served as the chairman of its board from January 2018 to October 2018.
Scharf's extensive experience in the financial industry, spanning over three decades, prepared him to take on the role of CEO at Wells Fargo. His leadership at the company has been marked by a focus on growth and transformation. Scharf has implemented significant changes, including installing new leadership, restructuring the company's performance review process, and exiting unprofitable businesses. He has also navigated regulatory challenges and worked to rebuild the company's reputation following various scandals.
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$30
Wells Fargo is one of the Big Four Banks in the US
Wells Fargo is one of the "Big Four Banks" in the US, alongside JPMorgan Chase, Bank of America, and Citigroup. It is the fourth-largest bank in the country by total assets and is considered one of the largest by bank deposits and market capitalization. Wells Fargo operates in 22 to 35 countries and serves over 68 to 70 million customers worldwide. The company's primary subsidiary, Wells Fargo Bank, N.A., has 8,050 branches, 13,000 automated teller machines, and 2,000 stand-alone mortgage branches.
Wells Fargo was founded in 1852 by Henry Wells and William G. Fargo to cater to the growing population of gold miners in California. By the end of the California Gold Rush, Wells Fargo had become a dominant express and banking organization in the West, making large shipments of gold and delivering mail and supplies. The company also operated the western portion of the Pony Express after acquiring the "Butterfield Line" in 1860.
Wells Fargo offers a wide range of banking and financial services, including consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management. The company also provides equipment financing through subsidiaries such as Wells Fargo Rail and offers investment management and stockbrokerage services. Wells Fargo's wholesale banking division caters to the financial needs of US-based and global businesses, while its community banking division serves retail and small business clients with everyday banking needs, such as checking and savings accounts, loans, and mortgages.
Wells Fargo has faced several scandals and controversies, including issues with fake accounts, mistreatment of loan customers, and excessive overdraft fees. The company has been fined and is still operating under a Federal Reserve-imposed cap on its assets. Despite these challenges, Wells Fargo remains one of the largest and most valuable bank brands in the US, ranked 47th on the Fortune 500 list.
As of my last update in June 2025, Charles W. Scharf is the Chief Executive Officer and President of Wells Fargo & Company. Scharf, a financial services veteran, has been in this role since October 2019 and has over 30 years of experience in leadership roles in the banking and payments industries.
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Scharf's total compensation in 2024 was $31.2 million
Charles W. Scharf is the Chief Executive Officer and President of Wells Fargo & Company, a position he has held since October 2019. Scharf's total compensation in 2024 was $31.2 million, a 7.6% increase from the previous year. This figure reflects the monetary value of his base salary, stock grants, and incentives.
Scharf's compensation package is notable for several reasons. Firstly, it represents a significant increase from his compensation in 2023, which totalled $26 million. This indicates that Scharf's contributions to Wells Fargo were highly valued by the company, and his efforts to address historical problems and drive future growth were deemed successful.
Secondly, Scharf's compensation stands out when compared to the pay of other Wells Fargo employees. Wells Fargo has faced scrutiny in the past for its CEO-employee pay inequality. In 2013, for example, former CEO John Stumpf was paid 473 times more than the median employee, highlighting the significant disparity in compensation within the company. While Scharf's compensation in 2024 continues to reflect a substantial gap between executive and employee pay, it is important to note that Scharf's package is likely influenced by his extensive experience and the scope of his responsibilities as CEO of a major financial institution.
Additionally, Scharf's total compensation in 2024 occurred amidst a broader context of regulatory fines and public scrutiny surrounding Wells Fargo's business practices. The company has been involved in several scandals, including an incident where employees were incentivised to create new accounts, leading to fines from the Consumer Financial Protection Bureau and other entities. Scharf himself has also faced criticism for comments made during a 2020 video call, where he claimed that Wells Fargo struggled to meet diversity goals due to a lack of qualified minority talent.
Despite these controversies, Scharf's total compensation in 2024 reflects Wells Fargo's confidence in his leadership and their commitment to rewarding his efforts in guiding the company through challenging times. As Scharf himself acknowledged, the pressure and scrutiny on Wells Fargo remain, and his compensation package is a reflection of the company's belief in his ability to navigate these complexities and drive sustainable growth.
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Frequently asked questions
Charles W. Scharf has been Chief Executive Officer and President of Wells Fargo & Company since October 2019.
Charles W. Scharf has over 30 years of experience in leadership roles in the banking and payments industries. Prior to joining Wells Fargo, he served as the CEO of Bank of New York Mellon and Visa Inc. He has also held senior positions at JPMorgan Chase & Co., Bank One Corp., Citigroup, and Salomon Smith Barney.
Charles W. Scharf's email address is c*@wellsfargo.com. His phone number is available on ZoomInfo.
In 2024, Charles W. Scharf's salary was $31.2 million, a 7.6% increase from the previous year. His compensation package included $2.5 million in base pay, a $7.2 million cash bonus, and $21.5 million in long-term equity.
Kyle G. Hranicky is the CEO of Commercial Banking at Wells Fargo. He oversees teams that provide financial products and services to private and public companies. He has been in this role since September 2021 and previously held other leadership positions at Wells Fargo since joining in 1995.
