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BREAKING NEWS

Wells Fargo names BNY Mellon's Charles Scharf as CEO

Wells Fargo names BNY Mellon's Charles Scharf as CEO
FILE PHOTO: Charles Scharf, Chairman and CEO, BNY Mellon, speaks at the 2019 Milken Institute Global Conference in Beverly Hills, California, U.S., April 30, 2019. REUTERS/Lucy Nicholson -
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LUCY NICHOLSON(Reuters)
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(Reuters) – Wells Fargo & Co <WFC.N> on Friday named Charles Scharf, the chief executive officer of Bank of New York Mellon <BK.N>, to its top job.

Wells Fargo interim CEO Allen Parker will continue to serve in the role until Scharf joins on Oct. 21, the bank said.

Parker, 64, was thrust into the position in March when former CEO Tim Sloan resigned abruptly, saying pressure from politicians and regulators had become a distraction in running the scandal-plagued bank.

Scharf, also former Visa Inc <VISA.O> CEO, serves on the board of Microsoft Corp <MSFT.O>.

Shares of Wells Fargo were up nearly 1% at $49.31 in premarket trading.

(Reporting by Munsif Vengattil in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)

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