When Charlie Scharf took over as CEO of Wells Fargo in 2019, he faced one of the most challenging roles in American business. His mission involved revitalizing a tarnished reputation, overcoming regulatory restrictions, and regaining confidence in a financial institution many believed was unsalvageable. Six years on, he has largely succeeded. The Federal Reserve's June decision to remove the asset cap, a penalty that had hampered Wells for a considerable time, served as the most definitive indication of the successful turnaround, writes my colleague Shawn Tully.
TL;DR
- Wells Fargo CEO Charlie Scharf revitalized the company's reputation and overcame regulatory issues since 2019.
- Scharf's strategy focused on discipline, calm leadership, and accountability for measurable results.
- Key outcomes include improved earnings, restored regulatory confidence, and a significant stock surge.
- He learned leadership lessons from Jamie Dimon, emphasizing motivating individuals through faith.
Scharf’s turnaround playbook has centered on three principles.
Discipline over flash: Trained for toughly two decades under now-JPMorgan CEO Jamie Dimon, Scharf learned to make hard calls with steadiness, not showmanship. That discipline has driven cost cuts, a flatter structure, and operational fixes that pared headcount by nearly a quarter and reduced Wells Fargo’s vast real estate footprint.
Calm over charisma: Scharf leads quietly but firmly, those who know him say, lowering the temperature in tense moments while remaining uncompromising on performance.
Accountability over optics: Scharf makes clear who’s responsible for what, cuts underperformers quickly, and ties growth to measurable results. At Wells Fargo, he focused on profitable lines like investment banking and credit cards—doubling purchase volumes since 2020—while pulling back from riskier lending.
The outcomes are evident: improved earnings, restored confidence from regulators, and a stock surge exceeding 50% during his tenure. While Scharf absorbed valuable insights from Dimon's confrontational management style, it's his mentor's more profound teaching that resonated: the distinction between being a competent manager and an effective leader, he notes, lies in your ability to motivate individuals to undertake challenging tasks because they have faith in you.
Editor’s note: The deadline to apply for the Coins2Day Next to Lead list is Monday, Dec.1, 2025. For more information or to submit a nomination, apply here.
Ruth Umoh
[email protected]
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