By Imani Moise and C Nivedita
(Reuters) - Wells Fargo (NYSE:) & Co said on Monday Scott Powell will become chief operating officer, the second external recruit to join the top ranks since Chief Executive Charles Scharf took over six weeks ago.
Powell, who worked with Scharf at Bank One and then JPMorgan Chase (NYSE:) & Co, most recently was chief executive officer of Santander (MC:) Holdings USA Inc as well as of Santander Consumer USA Holdings Inc.
Starting Dec. 9, Powell will report directly and will focus on Wells Fargo's relationships with regulators, which have been strained since the bank became tangled in a wide-ranging sales practices scandal in 2016.
Last month the bank hired another former JP Morgan executive and previous White House official, William Daley, to head public affairs.
Wells Fargo's board set a goal of hiring an outsider to lead the company following former CEO Tim Sloan's retirement to satisfy critics who claimed an insider could not transform the company's culture.
Scharf, who joined the company in October from Bank of New York Mellon (NYSE:) Corp, is known to shake up leadership. Since he took over, general counsel and former interim CEO Allen Parker, and company veteran Avid Modjtabai have made plans to leave the company.
The chief operating officer position has been vacant since October 2016, when Tim Sloan was promoted as CEO.
Other relevant articles
[2019-11-26 07:05:03] Forex - U.S. Dollar Unchanged; Powell’s Speech in Focus
[2019-11-14 15:35:07] Wells Fargo former interim CEO Allen Parker to step down as...
[2019-11-12 23:00:13] Vendors squeezed in Wells Fargo cost cutting push
[2019-11-11 06:45:23] Forex - U.S. Dollar Flat; Trade Developments, Powell’s Speech in Focus This Week
[2019-11-07 17:20:08] Wells Fargo taps Bill Daley, former White House official, head of...
[2019-11-04 20:05:27] StockBeat: Marvell Soars on Wells Fargo Upgrade
[2019-11-04 19:50:24] StockBeat: Marvell Soars on Wells Fargo Upgrade
[2019-11-04 19:45:25] StockBeat: Marvell Soars on Wells Fargo Upgrade; Sees Strong Chip...
[2019-10-31 22:50:10] New Wells Fargo CEO says he wants to fix problems, isn’t a...
[2019-10-30 23:00:15] Fed Cuts, Powell’s Optimism Drives Risk-On Rally
[2019-10-25 23:20:14] Exclusive: Wells Fargo lays off more than 200 business bankers in...
[2019-10-17 22:55:09] Wells Fargo Must Offer 66 Jobs to People It Rejected in 2014
[2019-10-15 20:15:05] StockBeat - Wells Fargo Higher as Management Touts Improved Net...
[2019-10-15 14:20:04] Wells Fargo quarterly profit slumps 26% on legal costs
[2019-10-15 14:20:04] Wells Fargo&Co Earnings Miss, Revenue Beats In Q3
[2019-10-10 17:20:09] Wells Fargo adding to mortgage loan processing teams
[2019-10-10 12:45:08] U.S. private equity fundraising swells as mega funds get bigger
[2019-10-10 07:00:11] Forex - Dollar Slips as Traders Digest Latest Trade News; Powell’s Speech in...
[2019-10-04 21:15:12] Gold Steadies as Powell’s Inflation Quest Offsets Encouraging...
[2019-10-04 21:05:12] Gold Steadies as Powell’s Inflation Quest Offsets Encouraging...
[2019-09-30 17:45:23] Urban Outfitters Jumps After Wells Fargo Upgrade
[2019-09-27 14:45:11] Stocks - Wells Fargo, Lyft Rise in Premarket; Micron Slumps
[2019-09-19 13:55:24] Trump Says Powell’s Job Is Safe But Fed Should Lower Rates
[2019-09-19 05:45:16] Australian Unemployment Rises as Workforce Swells to New Record
[2019-09-17 21:15:04] Wells Fargo tests cryptocurrency for internal transactions
[2019-05-21 12:15:21] Fingerprints and finances: next Wells Fargo CEO will be under...
[2019-05-16 15:15:22] Wells Fargo and Barclays back fintech company OpenFin
[2019-05-15 19:00:33] U.S. bank regulator will vet next Wells Fargo CEO
[2019-05-15 17:35:27] U.S. bank regulator to review Wells Fargo pick for chief executive
[2019-05-10 23:25:22] Wells Fargo CEO search hobbled by pay limitations: sources
[2019-05-09 00:30:24] Wells Fargo creates new unit focused on regulatory compliance
[2019-05-04 22:15:27] Homa leads by one as weather halts Wells Fargo play
[2019-05-03 21:15:20] Wells Fargo expects to refund monthly service fees to some...
[2019-04-26 18:00:34] Exclusive: Wells Fargo taps headhunter Spencer Stuart to find new...
[2019-04-23 20:35:29] All Wells Fargo directors elected at rowdy shareholder meeting
[2019-04-12 18:15:26] Wells Fargo cuts net interest income outlook, sending shares lower
[2019-04-12 14:05:24] Wells Fargo&Co Earnings, Revenue beat in Q1
[2019-04-09 10:15:12] Aramco breaks record as demand for its bond tops $85 billion
[2019-04-07 23:20:27] Warren Buffett urges Wells Fargo to look beyond Wall Street for next CEO: FT
[2019-03-29 20:45:19] A New CEO at Wells Fargo Will Pay off for Investors With Patience
[2019-03-29 16:00:24] Wells Fargo Shakeup Gets Lukewarm Reception on Wall Street
[2019-03-29 13:50:30] Stocks - Wells Fargo, Gilead and Blackberry Rise in Pre-market
[2019-03-29 13:30:22] Stocks - Wells Fargo, Gilead and Blackberry Rise in Pre-market
[2019-03-28 22:05:23] Wells Fargo CEO Tim Sloan steps down
[2019-03-28 21:25:22] Wells Fargo CEO Tim Sloan to retire
[2019-03-18 00:45:31] Principal Financial close to Wells Fargo retirement unit acquisition-sources
[2019-03-18 00:15:30] Teenager Andreescu stuns Kerber to win Indian Wells title
[2019-03-16 09:00:36] Andreescu continues fairytale run to reach Indian Wells final
[2019-03-16 05:05:20] Federer and Nadal to clash in Indian Wells semi-final
[2019-03-14 03:45:12] Wells Fargo CEO gets 5 percent pay raise
[2019-03-12 21:45:21] Wells Fargo CEO Draws Bipartisan Rebuke at Tough House Hearing
[2019-03-12 16:45:16] Wells Fargos CEO Tim Sloan Disputes Claim His Bank Is Too Big to Manage
[2019-03-12 15:30:09] CEO Sloan pitches Wells Fargo turnaround to bank critics in...
[2019-03-12 12:05:29] Powell’s Labor Market Worries Find Plenty of Support in the Data
[2019-03-11 15:55:32] Wells Fargo CEO to detail customer remediation to U.S. Congress
[2019-03-11 00:20:30] Serena Williams retires from Indiana Wells match
[2019-03-11 00:15:27] Federer wins Indian Wells opener, Nishikori survives three-setter
[2019-03-10 01:20:32] Keys blows late lead to fall to Barthel at Indian Wells
[2019-03-09 22:00:33] Tennis: Auger-Aliassime outguns Tsitsipas at Indian Wells
[2019-03-09 06:30:21] Stephens stunned, Serena cruises at Indian Wells
[2019-03-07 15:55:26] GE says its reserves are enough, seeking premium increases
[2019-03-01 15:00:25] Wells Fargo officials reach $240 million settlement over bogus...
[2019-02-27 22:45:29] Wells Fargo in talks with DOJ, SEC to resolve probes of sales...
[2019-02-27 07:00:25] Forex - U.S. Dollar Gains After Powell’s Comments; Yuan Also Up Ahead of PMI...
[2019-02-27 04:40:16] Asian Equities Edge Up; Powell’s Comments, Trump-Kim Summit in Focus
[2019-02-25 23:45:40] 3 Currencies To Buy On Fed Powell’s Testimony
[2019-02-22 16:15:31] Warren Says Wells Fargo Must Fire CEO Before Fed Ends Growth Cap
[2019-02-21 23:25:35] Newells Lack of Traction Could Mean a New CEO
[2019-02-21 07:30:22] Deutsche Bank, Wells Fargo Were Swedbanks Dollar Correspondents
[2019-02-15 18:00:31] Wells Fargos Tim Sloan set to appear twice before House panel: WSJ
[2019-02-13 07:20:14] Gold Edges Up on Slightly Weaker Dollar; Powell’s Speech, Trade News in Focus
[2019-02-12 19:05:25] Wells Fargos 2019 net interest income dependent on loan growth, deposits: CFO
[2019-02-08 14:45:25] Stocks - Tesla, Wells Fargo Fall in Pre-market; Mattel Rises
[2019-02-08 13:10:18] Stocks - U.S. Futures Fall on Trade Worry; Wells Fargo Eyed After Outage
[2019-01-31 17:45:22] Bankrupt oil firms must clean up inactive wells: Canada court
[2019-01-26 03:05:21] Wells Fargo CEO defends his stewardship, in response to Sen....
[2019-01-25 20:05:17] U.S. pensions seen moving $12 billion to bonds from stocks: Wells...
[2019-01-15 16:45:27] Stocks - JPMorgan, Wells Fargo, UnitedHealth, Delta Airlines Fall in Premarket
[2019-01-15 14:45:08] Stocks - JPMorgan, Wells Fargo, UnitedHealth, Delta Airlines Fall...
[2019-01-15 14:25:09] Wells Fargo quarterly revenue falls 5 percent
[2019-01-15 14:05:11] Wells Fargo&Co Earnings beat, Revenue misses In Q4
[2019-01-15 05:05:40] Alaska officials probing BP oil, gas wells at Prudhoe Bay after spill
[2019-01-14 18:05:34] Wells Fargo settles SEC lawsuit over Curt Schillings 38 Studios
[2019-01-09 11:40:30] Stocks - Alphabet, Wells Fargo, Ford, GM Gain in Premarket; Stitch Plunges
[2019-01-09 11:33:35] Fed Chair Powells unscripted approach sets up for rocky 2019
[2019-01-09 11:30:51] Gold Prices Slide as U.S. Dollar Rebounds; Trade Talks, Powell’s Comment In Focus
[2019-01-09 11:30:22] Fed Preview: Powells Dilemma, To Hike Rates While Reassuring On Economy
[2019-01-08 07:05:07] Gold Prices Slide as U.S. Dollar Rebounds; Trade Talks, Powell’s Comment In...
[2019-01-07 22:55:28] Karen Peetz to retire from Wells Fargo board
[2019-01-07 15:45:33] Hill-Rom, Wells Fargos VC invest in Israels EarlySense
[2019-01-04 04:20:19] Powells plain English Fed may need more nuance: ex-official
[2018-12-31 10:45:40] Fed Chair Powells unscripted approach sets up for rocky 2019
[2018-12-30 21:25:28] 3 Stocks To Watch In The Coming Week: Facebook, Tesla, Wells Fargo
[2018-12-28 18:10:20] Exclusive: Wells Fargo to pay at least $500 million in settlement...
[2018-12-26 16:55:26] Bond Market Naysayers Are at Odds With Powells Inflation Positivity
[2018-12-21 15:55:20] Fed Preview: Powells Dilemma, To Hike Rates While Reassuring On...
[2018-12-20 23:10:18] Wells Fargo moves jobs abroad after U.S. layoffs, government says
[2018-12-11 14:35:14] Stocks - Alphabet, Wells Fargo, Ford, GM Gain in Premarket;...
[2018-12-10 23:25:33] Wells Fargo wont be allowed to grow unless problems fixed: Feds Powell
[2018-12-06 19:40:17] Employee rights group says Wells Fargo declined planned meeting