Business
How Wells Fargo’s CEO led the bank from scandal to stability
Charlie Scharf inherited one of the toughest jobs in corporate America when he became CEO of Wells Fargo in 2019. His mandate? Rebuild a disgraced brand, navigate regulatory shackles, and restore faith in a bank many thought was beyond saving. Six years later, he’s largely done it. The Federal Reserve’s decision in June to lift the asset cap—a penalty that had hobbled Wells for years—marked the clearest sign that the turnaround worked, writes my colleague Shawn Tully.
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 results speak for themselves: stronger returns, regained regulatory trust, and a stock up more than 50% under his watch. And while Scharf learned plenty from Dimon’s debate-driven approach to management, it’s his mentor’s larger lesson that stuck: the difference between being a good manager and a good leader, he says, is how you inspire people to follow you into the hardest jobs because they believe in you.
Editor’s note: The deadline to apply for the Fortune Next to Lead list is Monday, Dec.1, 2025. For more information or to submit a nomination, apply here.
Ruth Umoh
ruth.umoh@fortune.com
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