Wells Fargo

Wells Fargo ends 6-month CEO search with an outsider hire

Wells Fargo said on Friday its new chief executive will be Bank of New York Mellon CEO Charles Scharf, effective Oct. 21.

Why it matters: It ends the bank's 6-month stretch without a permanent CEO. Several news outlets reported that the company had a difficult time finding someone who wanted the job, as it tries to recover from a slew of scandals and intense scrutiny from regulators.

Consumer Financial Protection Bureau reviews Bank of America for fake accounts

People use a Bank of America automatic teller machine.
Photo: Nicholas Kamm/AFP/Getty Images

The Consumer Financial Protection Bureau has opened an investigation into whether Bank of America violated federal law by opening unauthorized credit card accounts, American Banker reported Wednesday.

Backgrou In one document, a lawyer for Bank of America acknowledged the bank found specific instances of “potentially unauthorized credit card accounts,” American Banker reports, noting the lawyer said that the number of such accounts that had been identified was “vanishingly small.”