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Wells Fargo shares up in premarket trading after the bank names Charles Scharf as CEO

Scharf was most recently Bank of New York Mellon's chairman and CEO, and had also previously served as Visa's chief executive

Wells Fargo & Company - Wells Fargo & Co shares increased about 3% in premarket trading Friday after the bank named Charles Scharf as its new CEO
Scharf’s hiring ends a 6-month search for a head of the bank

Wells Fargo & Co (NYSE:WFC) share price increased about 3% in premarket trading Friday after the bank named Charles Scharf as its new CEO.

The stock recently traded at $50.38 a share, up 2.9%.

Scharf’s hiring ends a six-month search for a head of the bank. He starts on October 21. 

He was most recently Bank of New York Mellon Corp's (NYSE:BK) chairman and CEO, and had also previously served as Visa Inc's (NYSE:V) chief executive.

Scharf succeeds Allen Parker, who was appointed interim-CEO in March after former CEO Timothy Sloan resigned abruptly.

In a statement, Scharf said he felt “energized” to take on his new role, and acknowledged that the bank was “in the midst of fundamental change.”

Meanwhile, Bank of New York Mellon said it named Thomas Gibbons as interim-CEO, effective immediately.

Gibbons, a 30-year veteran of the bank, was most recently vice chairman and CEO of clearing, markets and client management.

Contact the author: [email protected]

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Quick facts: Wells Fargo & Company

Price: 23.64 USD

NYSE:WFC
Market: NYSE
Market Cap: $97.4 billion
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