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Wells Fargo CEO Charlie Scharf. Photo: Win McNamee/Getty Images

Charlie Scharf is the third CEO in three years to try to wrangle Wells Fargo out of the bad graces of regulators, lawmakers and consumers.

The big picture: Wells Fargo is facing bipartisan anger over its fake accounts scandal. Scharf spent four hours in front of Congress on Tuesday pitching a new vision of the bank, with the worst behind it.

What they're saying: "We have not yet re-earned the trust we would like the Wells Fargo name to represent," Scharf told the House Financial Services Committee on Tuesday — an acknowledgement of ongoing mismanagement after a snowball of customer abuse scandals.

  • Scharf, less than five months into the job, pinned the bank's troubles on his predecessors. "Our structure was problematic, and the company’s leadership failed its stakeholders," he said.
  • Scharf added that he believed Wells Fargo could recoup its tarnished reputation under his leadership.

The big picture: His testimony came after Democrats released a report last week — with previously unseen emails — that showed Wells Fargo executives were lax in complying with regulators' demands.

  • Two board members mentioned in the report, Betsy Duke and James Quigley, resigned abruptly on Sunday, days before they were due to testify in front of the same committee as Scharf.

Ahead of this week's hearings, Wells Fargo attempted to get in front of a number of top complaints about big banks, like low worker pay and high overdraft fees.

But those moves did little to assuage lawmakers — Democrats in particular — who expressed concern about the lasting impact of Wells Fargo's misdeeds.

  • "It is clear to this committee that the bank you inherited is a lawless organization that has caused widespread harm to millions of consumers throughout the nation," Rep. Maxine Waters (D-Calif.), who chairs the House Financial Services committee, told Scharf.

Between the lines: Wells Fargo got flak from both sides of the aisle. But there was a split between Republicans — who said the bank's problems were unique — and Democrats, who worried its troubles were symptomatic of broader issues in the banking sector.

  • Wells Fargo "was grossly mismanaged" and its misdeeds don't "tell us much about Wells Fargo's large bank peers," Rep. Patrick McHenry (R-N.C.) said.

The intrigue: The Consumer Financial Protection Bureau filed a suit Monday against Fifth Third Bank, saying that employees at the Cincinnati-based regional bank opened unauthorized accounts and lines of credit in order to meet sales goals.

The bottom line: Scharf isn't new to the banking industry — he's held the top job at Visa and BNY Mellon, and senior positions at J.P. Morgan — but he is new to Wells Fargo, unlike his predecessors. He was thus able to duck much of the anger and pin it on prior leaders.

  • That won't be the case on Wednesday, when Duke and Quigley — who have sat on the board since before 2016 — appear before Congress.

Go deeper:

Go deeper

1 hour ago - Science

COVID time warp

Illustration: Sarah Grillo/Axios

The start of the COVID-19 pandemic seems like a lifetime ago to some, and just yesterday to others. Scientists are beginning to unpack the way people processed the passage of time amidst the stress, uncertainty and isolation of the 1 year, 8 months and 21 days since WHO declared a pandemic.

Why it matters: The pandemic's global effects on how people experience time could provide new insights into the brain's ability to perceive and predict time — a fundamental feature of life.

Mitt Romney calls Ray Dalio's China investments a "sad moral lapse"

Sen. Mitt Romney walks to a Senate Republican caucus meeting at the Capitol on Oct. 7. Photo: Stefani Reynolds/Bloomberg via Getty Images

Sen. Mitt Romney (R-Utah) on Thursday criticized billionaire Ray Dalio's investments in China, writing in a tweet that "his feigned ignorance of China's horrific abuses and rationalization of complicit investments there is a sad moral lapse."

Driving the news: Romney's comments come after Dalio's firm, Bridgewater Associates, the largest hedge fund in the world, raised $1.3 billion in November for a new private fund in China, Bloomberg reports.

Updated 3 hours ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: First known U.S. case of Omicron variant identified in California — America probably won't lead the effort to understand Omicron — CDC prepares tougher testing rules for international travelers.
  2. Politics: Omicron travel bans are sign of what's to come — Meta removes accounts linked to COVID disinformation effort by China.
  3. Vaccines: Omicron adds urgency to vaccinating world — Omicron fuels the case for COVID boosters — Moderna loses patent battles tied to COVID vaccine.
  4. World: Germany approves new restrictions for unvaccinated people — Omicron variant detected in more countriesWHO advises people 60 or older to postpone travel due to Omicron
  5. Variant tracker: Where different strains are spreading.