Wells Fargo Hires New CEO

Hunt for a new leader to hold the reins of the stagecoach is over.  

After a long grueling process and a difficult many months for the companies shareholders, Wells Fargo has hired Charles Scharf as new Chief Executive. 

The biggest problem taxing the company and shareholders is solved. However, there is still much to be done considering Wells's recent track history. From the the fraudulent account scandal to the damaged relations with regulators Wells Fargo has many hurdles. Not to mention the fact that they are behind on recent digitization and innovation in the industry. The assets of competitors like JP Morgan Chase and Citigroup have increased this last year whereas Wells's has shrunk 3%. 

With all this being said shareholders are excited to see some forward movement and showed this with a little upward movement in stock prices (+4.2%). It might not seem like much of a move but there is reason to believe that the uptick could continue. Charles Scharf has been criticized as not having experience in companies dealing with such large assets especially in the consumer region. This is a fair point however, he was the leader at Visa for many years. He also worked at Consumer Credit with 
Jamie Dimon (CEO at JP Morgan) and Sandy Weill (previous CEO of Citigroup). With ambitious goals to get Wells Fargo back to speed, an 
exceptional resume, and renowned connections, there really is a lot to be positive about. Keep an eye on Mr. Scharf and Wells Fargo. Desperation 
breeds ingenuity.