Wells Fargo has named the boss of Bank of New York Mellon as its new chief executive, ending a six-month search that was prompted by a fake accounts scandal.

Charles Scharf, who was chief executive of Visa before taking the same role at BNY Mellon in 2017, will join the bank next month, Wells Fargo said in a statement.

Unusually, Mr Scharf will continue to be based in New York, where he lives, which is 2,900 miles away from Wells Fargo’s San Francisco headquarters and in a different time zone.

Allen Parker, the interim chief executive, will continue to lead the bank until Mr Scharf starts, Wells Fargo said. Mr Parker had been seen as a contender for the permanent job as the search dragged on.

Betsy Duke, Wells Fargo chair, described Mr Scharf as “top industry talent” and said the bank was confident it had found the “best leader to take Wells Fargo forward”.

Via Financial Times

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