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New Wells Fargo CEO: Issues will not resolve until 2021

 

Last updated 3/13/2020 at 3:29am

In this April 10, 2019, file photo, Charles Scharf, left, chairman and CEO of the Bank of New York Mellon, testifies before the House Financial Services Committee during a hearing on Capitol Hill in Washington. Scharf, the third chief executive of Wells Fargo in four years, appeared in front of Congress Tuesday, March 10, 2020. He said that there's much the bank needs to do to fix its cultural problems and isn't expecting it to be done until 2021. AP photo/Patrick Semansky, file photo

Ken Sweet

AP Business Writer

The third chief executive of Wells Fargo in four years appeared in front of Congress Tuesday, March 10, saying that there's much the bank needs to do to fix its cultural problems and isn't expecting it to be done until 2021.

Charles Scharf took over the troubled bank late last year. He replaced Tim Sloan, who resigned in March only a couple of weeks after being lambasted by members of Congress in his own hearing.

Unlike Sloan, Scharf is an outsider, previously holding the jobs of CEO of Bank of New York Mellon and Visa. Since taking the job, Scharf has been...



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