The McLean, Va.-based company is under law enforcement scrutiny for loans that helped propel a boom and bust in the taxi medallion market in New York City.
Charlie Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.
Scharf next month will become the fourth leader at Wells Fargo in three years. Meanwhile, Bank of New York Mellon has named Thomas P. "Todd" Gibbons as acting chief executive.
There were signs Kathy Kraninger would continue a rollback of consent orders and investigations, but many observers see an aggressive approach reminiscent of the Obama era.
U.S. prosecutors have accused three JPMorgan traders of rigging futures trades in precious metals for nearly a decade, making millions of dollars for the bank at the expense of counterparties that included the bank’s own clients.
The bank is adding senior tech executives from Amazon and Verizon as partners; bank allegedly inflated prices and overcharged investors for mortgage bonds.
