From Yahoo Finance: 2025-06-04 14:26:00

Wells Fargo CEO Charlie Scharf expressed emotion after regulators lifted the bank’s $1.95 trillion asset cap. Scharf took over in 2019 to fix issues from a fake-accounts scandal, leading to job cuts and business exits. Now focusing on growth in areas like credit cards and investment banking, but not mortgages.

As Wells Fargo plans to increase earnings, they will raise dividends while slowing share buybacks to invest in growth. Scharf, who previously led BNY and Visa, transformed Wells Fargo by cutting jobs, exiting unprofitable businesses, and revamping risk management. Shares up 0.5% as optimism grows about the bank’s future.

Scharf feels the pressure of shifting from historical problems to future growth. He plans to expand in various business areas except mortgages. Wells Fargo’s culture has changed under his leadership, emphasizing fairness, accountability, and teamwork. The bank is adding staff, focusing on efficiency, and increasing dividends while buying back stock.



Read more at Yahoo Finance: Wells Fargo CEO goes from fixer to builder as regulators lift punishments