The current CEO of Wells Fargo

Charlie Scharf has been the Chief Executive Officer of Wells Fargo since October 2019. He reports to the board of directors and is responsible for the bank's overall strategy, operations, and performance across all business lines—retail banking, commercial banking, wealth management, and investment banking.

Scharf came to Wells Fargo after leading Bank of New York Mellon. Before that, he spent nearly two decades at JPMorgan Chase in various leadership roles. His appointment followed a period of significant leadership turnover at Wells Fargo, which had faced multiple scandals and regulatory scrutiny in the years prior.

As CEO, Scharf oversees roughly 250,000 employees and manages a bank with assets exceeding $1.9 trillion. His compensation and performance are tied to metrics that include customer satisfaction, risk management, and financial results. The board reviews his performance annually.

Key Takeaways

  • Charlie Scharf has been Wells Fargo's CEO since October 2019 and is the public face of the bank's leadership.
  • The CEO reports to a board of directors, which sets policy and holds the bank accountable to regulators and shareholders.
  • Wells Fargo's leadership structure includes separate roles for risk management and compliance, created after earlier regulatory failures.
  • Changes in CEO or leadership do not change how your account works, your deposit protections, or your rights as a customer.

How the CEO fits into Wells Fargo's structure

The CEO is the top executive but not the only decision-maker. Wells Fargo has a board of directors—currently 13 members—that oversees the CEO and sets the bank's strategic direction. The board includes independent directors, meaning people who do not work for Wells Fargo and are meant to provide outside perspective and accountability.

Below the CEO are several executive leaders who run specific divisions: the head of Consumer Banking, the head of Commercial Banking, the Chief Financial Officer, and the Chief Risk Officer. The Chief Risk Officer role was strengthened after Wells Fargo's earlier problems, to ensure that risk decisions are not made by the same people running revenue-generating businesses.

Regulators—including the Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB)—oversee Wells Fargo's leadership and can require changes to management, strategy, or operations if they find violations or unsafe practices.

What happened before Scharf took over

Wells Fargo faced major scandals between 2016 and 2019 that led to leadership changes. The most visible was the fake accounts scandal: employees opened millions of accounts and credit cards without customer consent to meet sales targets. The bank also charged customers for products they did not request and failed to disclose fees properly.

These failures led to investigations by the CFPB, the Department of Justice, and state attorneys general. The bank paid billions in fines and settlements. The previous CEO, John Stumpf, resigned in 2016. His successor, Tim Sloan, left in 2019 after the board decided the bank needed a leader from outside to rebuild trust and fix internal culture.

Scharf was brought in to stabilize the bank, improve compliance, and restore relationships with regulators. His tenure has included significant investments in technology, risk management systems, and customer service improvements.

How leadership changes affect your account

A change in CEO does not change your deposit protections, your account terms, or your rights. The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250,000 per account category at Wells Fargo, regardless of who runs the bank. Your checking account, savings account, and money market account are each insured separately up to that limit.

Leadership changes also do not affect how transactions are processed, how long transfers take, or what fees you pay—those are set by the bank's policies and pricing, which the board and regulators review. If you have a dispute with Wells Fargo over a transaction or a fee, your rights under the Electronic Funds Transfer Act and the Truth in Savings Act remain the same no matter who the CEO is.

What can change is the bank's overall direction on customer service, technology investment, and compliance. Under Scharf, Wells Fargo has made changes to sales practices, reduced some fees, and invested in digital banking tools. These are strategic choices made by leadership, not changes forced by the CEO title itself.

Regulatory oversight of Wells Fargo's leadership

Wells Fargo operates under heightened regulatory scrutiny because of its past violations. The Federal Reserve has placed restrictions on the bank's growth—it cannot grow its asset base beyond a certain level until it demonstrates sustained compliance with regulations. This restriction applies regardless of who the CEO is and affects how the bank can expand.

The OCC and CFPB conduct regular examinations of Wells Fargo's operations, including how leadership makes decisions about risk, compliance, and customer treatment. If regulators find problems, they can issue formal orders requiring the bank to fix them, and they can remove executives if necessary.

The board of directors is also accountable to shareholders, who vote on board members and executive compensation at the annual shareholder meeting. Shareholders can push for leadership changes if they believe the bank is not performing well or managing risk properly.

How to contact Wells Fargo about account issues

If you have a problem with your Wells Fargo account—a disputed transaction, an unauthorized charge, a fee you believe was wrong—you do not need to contact the CEO. Wells Fargo has customer service channels designed to handle these issues quickly.

For account problems, call the customer service number on the back of your debit card or on your account statement. For complaints about unfair practices or violations of your rights, you can file a complaint with the CFPB through its website at consumerfinance.gov. The CFPB forwards complaints to Wells Fargo and tracks how the bank responds.

If you believe Wells Fargo has violated the Electronic Funds Transfer Act or another consumer protection law, you may also have the right to sue the bank or join a class action lawsuit. An attorney can advise you on your options.

Frequently Asked Questions

Can I request that my account be handled differently because of who the CEO is?

No. Your account is governed by the account agreement you signed, federal banking laws, and Wells Fargo's policies—not by the CEO's personal preferences. If you want to change your account type, fees, or terms, you can contact customer service or switch to a different bank.

Is Charlie Scharf responsible if Wells Fargo makes a mistake on my account?

The CEO is responsible for the bank's overall operations and culture, but individual account errors are handled by customer service and operations teams. If Wells Fargo makes a mistake, you have the right to dispute it under the Electronic Funds Transfer Act. You do not need to involve the CEO—contact customer service or file a complaint with the CFPB.

What if I disagree with a decision Wells Fargo made about my account?

Start with customer service for account-specific issues. If you believe the bank violated a law or treated you unfairly, file a complaint with the CFPB. The CFPB investigates complaints and can require the bank to respond and correct problems. You can also consult an attorney about your rights.

Does the CEO set the interest rates on savings accounts?

The CEO and the board set the bank's overall strategy on pricing and rates, but the Federal Reserve's interest rate decisions and market conditions drive what rates banks offer. Wells Fargo's rates are competitive with other banks but vary based on account type and current economic conditions.