Wells Fargo
Leadership History
4 leaders · 2007 to present
Charlie Scharf is the CEO of Wells Fargo, in the role since 2019. The first chief executive was John Stumpf, from 2007.
| Name | Role | From | To | Years in role |
|---|---|---|---|---|
| Mike Santomassimo | Senior Executive Vice President and Chief Financial Officer | 2020 | Present | 6 |
| Charles W. Scharf | Chairman and Chief Executive Officer | 2019 | Present | 7 |
| Scott Powell | Senior Executive Vice President and Chief Operating Officer | 2019 | Present | 7 |
| John Stumpf | Former Chairman and CEO | 2007 | 2016 | 9 |
Wells Fargo reported $83.699 billion of FY2025 total revenue and $21.3 billion of net income. The bank operates through Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth and Investment Management. The company is headquartered in San Francisco, California.
Wells Fargo earns money in two ways: net interest income, the spread between what it earns on loans and securities and what it pays on deposits and other funding, and noninterest income from fees, wealth management, investment banking, trading, cards, and mortgage banking. In FY2025, net interest income was $47.484 billion and noninterest income was $36.215 billion. The bank reports four operating segments: Consumer Banking and Lending (branches, deposits, credit cards, auto loans, home lending, and small business banking), Commercial Banking (lending and treasury services for middle-market companies), Corporate and Investment Banking (capital markets, advisory, commercial real estate, and markets), and Wealth and Investment Management (Wells Fargo Advisors brokerage and private banking). Its large base of U.S. consumer and business deposits is the main source of low-cost funding for its loan book.
Senior Executive Vice President and Chief Financial Officer
2020 – Present
6 years (current)
Santomassimo executed aggressive, multi-billion dollar cost-cutting programs to stabilize the bank's massive overhead expenses amid strict regulatory asset caps.
As CFO, he successfully managed massive share repurchases and significantly improved operating efficiency while the bank remained heavily penalized by the Federal Reserve.
Chairman and Chief Executive Officer
2019 – Present
7 years (current)
Joined as CEO in October 2019 after leading Visa and BNY Mellon, replaced much of the senior management team, and focused the bank on closing its regulatory consent orders.
Under Scharf, the Federal Reserve lifted the asset cap in June 2025 and terminated the 2018 consent order in March 2026.
Senior Executive Vice President and Chief Operating Officer
2019 – Present
7 years (current)
Powell was hired specifically to overhaul Wells Fargo's severely broken compliance and risk management infrastructure following the fake accounts scandal.
As COO, he manages the massive, highly complex regulatory remediations required to eventually lift the Federal Reserve's devastating $1.95 trillion asset cap.
Former Chairman and CEO
2007 – 2016
9 years
Led the bank through the Wachovia acquisition and championed its cross-selling sales model.
Resigned in October 2016 after the fake-accounts scandal became public; regulators later fined him and barred him from the banking industry.
Wells Fargo's main challenges are net interest margin pressure as rates shift, deposit pricing competition, credit quality in commercial real estate and consumer lending, expense control, and keeping the risk and control improvements in place now that regulators have lifted the main restrictions.
Charlie Scharf is the Chief Executive Officer and Chairman of Wells Fargo, leading the bank since October 2019.
Charlie Scharf was a longtime protégé of Jamie Dimon at Citigroup and JPMorgan Chase, and previously served as CEO of Visa Inc. and CEO of BNY Mellon.
John Stumpf resigned in October 2016 following intense congressional hearings and regulatory outrage over the bank's unauthorized retail account sales scandal, later receiving an OCC lifetime banking ban.
Tim Sloan, the bank's former COO and CFO, served as CEO from October 2016 until March 2019, when he stepped down under regulatory pressure, followed by interim CEO Allen Parker.
Scharf replaced over 80% of senior management, recruiting seasoned executives from JPMorgan, Visa, and BNY Mellon, including CFO Mike Santomassimo and COO Scott Powell.
Scharf's explicit top priority was satisfying federal regulators, dismantling the broken cross-selling sales culture, and completing the remediation work required to lift the Federal Reserve's asset cap.
Under Scharf's leadership, the Federal Reserve lifted the $1.95 trillion asset cap in June 2025 and terminated the formal 2018 consent orders in March 2026.
When hired, Scharf negotiated an agreement allowing him to maintain his primary office in New York City rather than relocating full-time to Wells Fargo's San Francisco corporate headquarters.
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