Wells Fargo CEO Tells Lawmakers Bank Has ‘Sense of Urgency’
- Scharf in Washington for what’s become a CEO rite of passage
- Bank had a ‘flawed business model,’ Scharf tells lawmakers
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Wells Fargo & Co.’s new chief executive officer told lawmakers that the bank hasn’t done enough to turn itself around following a series of scandals and is now more focused than ever on fixing its problems.
“The sense of urgency within the company is very different today than it was four months ago,” Charlie Scharf, who took over as CEO in October, told a U.S. House committee Tuesday. Scharf said he’s spending about 75% of his time on regulatory issues. “We’re going to have a much stronger centralized core when it comes to risk and control.”