The new organizational structure has five principal lines of business, each with a CEO who reports directly to Scharf and is represented on the company’s Operating Committee.Īs part of the reorganization, Scharf aligned control executives with each of the company’s businesses who will have a dual line of reporting to their respective CEOs and up through a separate operations team. In early February, Scharf unveiled a flatter organizational structure for Wells Fargo, designed to provide leaders with clear authority and responsibility. “We are committing all necessary resources to ensure that nothing like this happens again, while also driving Wells Fargo forward,” he said. “This was inexcusable.” While the settlements mark a significant step in bringing this chapter to a close, Scharf said there’s still more work to be done to rebuild the trust the company lost. As part of this resolution, Wells Fargo agreed to make payments totaling $3 billion.Īs Scharf acknowledged, “At the time of the sales practices issues, the company did not have in place the appropriate people, structure, processes, controls, or culture to prevent the inappropriate conduct,” he said. In February, Wells Fargo entered into agreements with the United States Department of Justice and the United States Securities and Exchange Commission to resolve these agencies’ investigations into the company’s historical Community Bank sales practices and related disclosures. He has acknowledged the mistakes that were made in the past and has made addressing Wells Fargo’s regulatory requirements his top priority. At Wells Fargo, Scharf has stressed urgency, accountability, and execution as what will drive the company forward. He has a demonstrated track record in leading change, driving results, strengthening operational risk and compliance, and innovating amid a rapidly evolving digital landscape. Scharf brings more than 24 years of leadership experience in the banking and payments industries to Wells Fargo, including CEO roles at Visa and Bank of New York Mellon.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |