Charlie Scharf inherited one of many hardest jobs in company America when he turned CEO of Wells Fargo in 2019. His mandate? Rebuild a disgraced model, navigate regulatory shackles, and restore religion in a financial institution many thought was past saving. Six years later, he’s largely accomplished it. The Federal Reserve’s determination in June to raise the asset cap—a penalty that had hobbled Wells for years—marked the clearest signal that the turnaround labored, writes my colleague Shawn Tully.
Scharf’s turnaround playbook has centered on three rules.
Self-discipline over flash: Educated for toughly 20 years underneath now-JPMorgan CEO Jamie Dimon, Scharf discovered to make onerous calls with steadiness, not showmanship. That self-discipline has pushed price cuts, a flatter construction, and operational fixes that pared headcount by practically 1 / 4 and lowered Wells Fargo’s huge actual property footprint.
Calm over charisma: Scharf leads quietly however firmly, those that know him say, decreasing the temperature in tense moments whereas remaining uncompromising on efficiency.
Accountability over optics: Scharf makes clear who’s accountable for what, cuts underperformers rapidly, and ties progress to measurable outcomes. At Wells Fargo, he centered on worthwhile traces like funding banking and bank cards—doubling buy volumes since 2020—whereas pulling again from riskier lending.
The outcomes converse for themselves: stronger returns, regained regulatory belief, and a top off greater than 50% underneath his watch. And whereas Scharf discovered lots from Dimon’s debate-driven method to administration, it’s his mentor’s bigger lesson that caught: the distinction between being a very good supervisor and a very good chief, he says, is the way you encourage folks to comply with you into the toughest jobs as a result of they consider in you.
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