Charles Scharf

Charles W. Scharf
Born	(1965-04-24) April 24, 1965 United States
Occupation(s)	Investment banker, corporate executive
Years active	1995–present
Known for	CEO of Wells Fargo, Visa Inc., BNY Mellon

Charles W. Scharf (born April 24, 1965) is an American investment banker and corporate leader, currently holding the positions of chief executive officer and president at Wells Fargo. His previous leadership roles include serving as CEO of Visa Inc. and BNY Mellon.

Early life

Scharf obtained his Executive MBA from the New York University Stern School of Business in 1991, a credential he credits with sharpening his abilities in strategic business planning and executive leadership.

Early career

Prior to his tenure at Visa beginning in November 2012, Scharf was the CEO of Retail Financial Services at JPMorgan Chase & Co. from 2004 until 2012 and also acted as managing director for its private equity division, One Equity Partners. His earlier executive positions include CEO and CFO at Bank One Corp. (2000–2002), CFO for Citigroup’s Global Corporate and Investment Bank segment (1999–2000), and CFO at Salomon Smith Barney (1995–1999).

Career

At 47 years old, Scharf assumed the role of CEO at Visa in November 2012, taking over from Joseph Saunders and joining an expanded board of 11 members. In 2013, his overall remuneration reached $24.20 million, encompassing salary and stock-based incentives. During his leadership, Visa was ranked 238 on the Fortune 500, generating $11.7 billion in revenue.

On October 17, 2016, Scharf notified Visa’s Board that he could no longer dedicate adequate time to the San Francisco office and resigned effective December 1. Subsequently, he served as CEO of BNY Mellon from July 2017 through October 2019 and held the position of board chairman from January to October 2018.

Scharf was appointed president and CEO of Wells Fargo on September 27, 2019. Internally known by the nickname "Chainsaw Charlie," he implemented substantial cost-reduction initiatives. While maintaining his residence in New York City, he frequently traveled to Wells Fargo’s headquarters in San Francisco. According to The Washington Post, his extensive background made him a politically prudent selection familiar to regulators and policymakers. On November 7, 2019, Scharf named former U.S. Secretary of Commerce and White House Chief of Staff Bill Daley as Wells Fargo’s head of Public Affairs.

In 2023, Scharf earned $26 million in total compensation from Wells Fargo, which increased by 7.6% to $31.2 million in 2024.

Nonprofit leadership

Scharf is a trustee at Johns Hopkins University and serves on the board of directors for the Financial Services Roundtable. In 2014, President Barack Obama appointed him to the President’s Advisory Council on Financial Capability for Young Americans.

By 2021, Scharf had joined the board of Microsoft as well as becoming a member of The Business Council.

Comments about diversity

In 2020, Scharf’s remarks regarding Wells Fargo’s challenges in achieving diversity objectives sparked varied responses. In an internal memo, he stated: “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from.” These comments elicited criticism from some employees and industry figures but were regarded by others within the organization as candid and constructive feedback.