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.