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Charles Scharf

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Charles Scharf
Born (1965-04-24) April 24, 1965 (age 59)
New York City, U.S.[1]
EducationJohns Hopkins University (BA)
New York University (MBA)
Occupation(s)Investment Banker, Business Executive, Chief Executive Officer
TitleCEO and chef, Wells Fargo
PredecessorC. Allen Parker
SpouseAmy Scharf

Charles W. Scharf (born April 24, 1965)[1] is an American investment banker and business executive who is the chief executive officer and president of Wells Fargo. He was previously the CEO of Visa Inc.[2] and BNY.[3][4]

Early life

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Scharf was born into a Jewish family. His father was a broker at Loeb Rhoades and later at Shearson.[5][6] Scharf earned a Bachelor of Arts degree from Johns Hopkins University and a Master of Business Administration from New York University.[citation needed] In 1987, shortly after graduating from college, Scharf was the youngest professional employee at Commercial Credit Corp. Scharf was still a senior at Johns Hopkins University when he started working at the company part-time, having sent his résumé to Jamie Dimon, through family connections.[citation needed]

Scharf completed his Executive MBA at New York University Stern School of Business in 1991, which he said helped put his work experience into perspective: "In my experience, good business is all about stepping back, asking questions and accumulating the expertise to make the best decisions, whether those are business decisions or people decisions."[7]

Early career

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Charles Scharf (Fourth From Left) Awarding Kenneth Brown (businessman) (Second From Left) at JP Morgan Chase

Prior to joining Visa in November 2012,[8] Scharf was the CEO of Retail Financial Services for JPMorgan Chase & Co. for nine years from July 2004 until June 2012. He was also the managing director of One Equity Partners, JPMorgan's private investment section.[4] He was the CEO and CFO at Bank One Corp., prior to his work at JPMorgan Chase & Co from 2000 to 2002. From 1999 to 2000, he was the CFO of the Global Corporate and Investment Bank division at Citigroup, Inc. From 1995 to 1999, he was the CFO at Salomon Smith Barney.[9]

Career

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At age 47, Scharf took over as Visa's CEO in November 2012, succeeding Joseph Saunders. He was also appointed as a board member after increasing the size of the board to 11 members from 10. Scharf received a total compensation of $24.20 million, including base salary, stock grants and incentives in 2013.[10] Under Scharf's tenure, Visa placed at number 238 on the Fortune 500, with $11.7 billion in revenue.[8]

On October 17, 2016, Scharf advised his Board of Directors that he could no longer spend enough time in San Francisco "to do the job effectively." He announced that he would step down on December 1.[11] Charlie was chief executive officer of BNY from July 2017 to October 2019 and the chairman of its board from January 2018 to October 2018.[12]

On September 27, 2019, Scharf's appointment as President and CEO of Wells Fargo was announced. "Chainsaw Charlie," as he has come to be known within the company, has committed to major cuts within the company.[13] Scharf said he would continue to live in New York with his family and commute frequently to Wells Fargo's headquarters in San Francisco. The Washington Post said his "broad experience makes Scharf a safe political choice, who is already well known by both regulators and lawmakers."[14] On November 7, 2019, Scharf announced that he had appointed BNY Mellon Vice Chairman and former U.S. Secretary of Commerce and White House Chief of Staff Bill Daley to be head of Public Affairs for Wells Fargo effective November 13, 2019.[15][16]

In 2023, Scharf's total compensation from Wells Fargo was $26 million, representing a CEO-to-median worker pay ratio of 325-to-1.[17]

Nonprofit leadership

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Scharf is on the board of trustees for Johns Hopkins University, and he is on the board of directors for the Financial Services Roundtable.[4]

On February 26, 2014, President Barack Obama announced his intent to nominate individuals to key Administration posts, amongst which was Charles W. Scharf, Appointee for Member, President’s Advisory Council on Financial Capability for Young Americans.[citation needed]

He is currently on the executive council for UCSF Health and the board of directors for Microsoft Corp.[citation needed]

Comments about diversity

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During a September 2020 meeting held over a video call, Scharf drew both criticism and praise for comments about Black people in the workforce when he claimed that Wells Fargo faced issues reaching diversity goals because there was not enough qualified minority talent to draw from.[18] On June 18, 2020, he had sent out a company memo, saying: “While it might sound like an excuse, the unfortunate reality is that there is a very limited pool of Black talent to recruit from.”[19] Similar comments in the Zoom meeting reportedly angered a couple of unidentified black employees of the company. However, the same report indicated that, "Not all attendees recalled being offended. 'The meeting was incredibly constructive... I walked away being incredibly surprised at how genuine and sincere he is,' said Alex David, president of the Black/African American Connection Team Member Network." But Ken Bacon, a prominent black executive with Comcast, was "shocked and puzzled" by Scharf’s comments,[20] and Alexandria Ocasio-Cortez referred to Scharf’s comments on Twitter, highlighting his "lack of talent to recruit Black workers."[21]

References

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  1. ^ a b "CNBC Next List: Charles Scharf". CNBC. October 6, 2014.
  2. ^ Gardner, Sean (24 October 2012). "Visa hires JPMorgan's Charles Scharf as CEO". Reuters. Archived from the original on September 24, 2015. Retrieved October 28, 2014.
  3. ^ "Charles W. Scharf - Corporate Governance | BNY Mellon". Archived from the original on September 9, 2017. Retrieved September 9, 2017.
  4. ^ a b c "Charles Scharf". Forbes. Retrieved October 28, 2014.
  5. ^ "Charlie Scharf Bio, Wiki, Age, Height, DOB(Famous Birthday), Family, Wife, Net Worth". Facts Buddy. Retrieved September 9, 2024.
  6. ^ "Charles W. Scharf Profile". The Famous Personalities. Retrieved September 9, 2024.
  7. ^ "Fast Track to Success". w4.stern.nyu.edu. October 9, 2009. Retrieved February 1, 2016.
  8. ^ a b Roberts, Daniel. "Charles Scharf: Visa's open-armed leader". Fortune. Retrieved October 28, 2014.
  9. ^ Sidel, Robin (25 October 2012). "Visa Swipes Boss From J.P. Morgan". The Wall Street Journal. Retrieved October 28, 2014.
  10. ^ "Visa CEO Charles Scharf Gets Total Compensation Of $24.2 Mln In 2013". rttnews.com. December 15, 2013. Retrieved February 1, 2016.
  11. ^ Sudarshan Varadhan; Anya George Tharakan (October 17, 2016). "Visa CEO Charles Scharf to resign, ex-AmEx president to take over". Reuters. Retrieved November 28, 2017.
  12. ^ "Charles W. Scharf Biography – CEO and President – Wells Fargo". www.wellsfargo.com. Retrieved July 18, 2020.
  13. ^ Armstrong, Robert (4 September 2020). "Warren Buffett sells another big chunk of Wells Fargo". Financial Times. Retrieved September 23, 2020.
  14. ^ Merle, Renae; Siegel, Rachel (September 28, 2019). "Amid troubles, Wells Fargo names new CEO". The Baltimore Sun. p. 8.
  15. ^ "Wells Fargo taps Bill Daley, former White House official, head of public affairs". Reuters. November 7, 2019. Retrieved November 7, 2019.
  16. ^ "Wells Fargo Names William M. Daley Vice Chairman of Public Affairs" (Press release). Business Wire. November 7, 2019. Retrieved November 7, 2019.
  17. ^ Anderson, Mae; Harloff, Paul; Ortutay, Barbara (2024-06-03). "CEOs made nearly 200 times what their workers got paid last year". AP News. Archived from the original on 2024-09-03. Retrieved 2024-09-04.
  18. ^ Kerber, Imani Moise, Jessica DiNapoli, Ross (September 22, 2020). "Exclusive: Wells Fargo CEO ruffles feathers with comments about diverse talent". Reuters. Archived from the original on September 23, 2020. Retrieved September 23, 2020.{{cite news}}: CS1 maint: multiple names: authors list (link)
  19. ^ Sandler, Rachel. "Wells Fargo CEO Reportedly Blames 'Limited Pool Of Black Talent' For Trouble Reaching Diversity Goals". Forbes. Retrieved September 23, 2020.
  20. ^ "Wells Fargo CEO's comments about diverse talent anger some employees". CNBC. September 22, 2020. Retrieved September 23, 2020.
  21. ^ EDT, Ana de Liz On 9/23/20 at 7:28 AM (September 23, 2020). "AOC blasts Wells Fargo CEO's "lack of talent" to recruit black workers". Newsweek. Retrieved September 23, 2020.{{cite web}}: CS1 maint: numeric names: authors list (link)
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