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.


  • Allen Parker, who's been serving as Wells Fargo's interim CEO, will return to his previous role as the bank's top lawyer when Scharf takes the helm.
  • The company was under pressure to name an outsider to the post, after other scandals surfaced while Wells Fargo veteran Tim Sloan was in the top job.
  • BNY Mellon said its interim CEO would be CFO Thomas Gibbons as it searches for Scharf's replacement.
  • Scharf's appointment does nothing to change the fact that the top spots of all the nation's biggest banks remain occupied by white men.

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Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. States: Nearly two dozen Minnesota COVID cases traced to 3 Trump campaign events
  6. World: Restrictions grow across Europe.
  7. Media: Fox News president and several hosts advised to quarantine.

Republicans and Dems react to Coney Barrett's Supreme Court confirmation

President Trump stands with Judge Amy Coney Barrett after she took the constitutional oath to serve as a Supreme Court justice during a White House ceremony Monday night .Photo: Tasos Katopodis/Getty Images)

President Trump said Judge Amy Coney Barrett's Senate confirmation to the Supreme Court and her subsequent taking of the constitutional oath Monday was a "momentous day," as she she vowed to serve "without any fear or favour."

  • But as Republicans applauded the third conservative justice in four years, many Democrats including Speaker Nancy Pelosi (Calif.) warned of consequences to the rush to replace the late Justice Ruth Bader Ginsburg ahead of the Nov. 3 election, with progressives leading calls to expand the court.
Ina Fried, author of Login
51 mins ago - Science

CRISPR pioneer: "Science is on the ballot" in 2020

Photo: "Axios on HBO"

In her three decades in science, Jennifer Doudna said she has seen a gradual erosion of trust in the profession, but the recent Nobel Prize winner told "Axios on HBO" that the institution itself has been under assault from the current administration.

  • "I think science is on the ballot," Doudna said in the interview.

Why it matters: That has manifested itself in everything from how the federal government approaches climate change to the pandemic.

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