Wells Fargo, the scandal-plagued bank that has spent months searching for a new chief executive, announced on Friday that a longtime banking veteran, Charles W. Scharf, has agreed to take the post.
Mr. Scharf, who resigned on Friday from his job as chief executive of BNY Mellon and previously ran Visa, will take over one of the country’s largest and most troubled banks, effective Oct. 21, the bank said.
In a statement, Mr. Scharf said he felt “energized” to take on his new role, and acknowledged that the bank was “in the midst of fundamental change.”
It will be a monumental task. Wells Fargo has been operating under growth restrictions imposed by its regulators early last year in an effort to get the bank to root out and eliminate bad management practices. Its former chief executive, Timothy J. Sloan, resigned abruptly on March 28 after a punishing appearance before members of Congress who grilled him over the banks lingering problems.
“I am committed to fully engaging with all of our stakeholders including regulators, customers, elected officials, investors, and communities,” Mr. Scharf said in a statement.
Wells Fargo’s search for a leader was not easy. The bank, which has been struggling to regain its footing since it revealed in 2016 it had opened millions of fake accounts in customers’ names, needed someone willing to endure greater-than-normal scrutiny by regulators.
There were signs that Wells Fargo’s board had sweetened the deal for Mr. Scharf, who has been living and working in New York. He will not move to California to preside over the bank from its San Francisco headquarters, according to the announcement, but will remain in New York.
This is a developing story. Check back for updates.