Beleaguered Wells Fargo names Jamie Dimon protegee as new CEO

Wells Fargo, the bank that lost two CEOs while dealing with the fallout from a fake-accounts scandal, has appointed former Visa chief Charles Scharf as its top executive.

Scharf, who landed a job under Jamie Dimon – now the CEO of JPMorgan Chase – by sending him a resume through family connections when he was running Commercial Credit in the late 1980s, will take over Oct. 21. He’s currently the head of Bank of New York Mellon.

San Francisco-based Wells Fargo had been led by interim chief C. Allen Parker since the departure of Tim Sloan earlier this year.

Sloan took over in 2016 after the departure of John Stump following two contentious Congressional hearings on the creation of more than 3 million fake accounts by workers trying to meet aggressive sales targets.