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Wells Fargo CEO: 'I don't have all the answers yet'; The bank reported a steep decline in its quarterly and yearly profits as its new CEO, Charles Scharf, spoke of the challenge of turning it around

Jan 14, 2020 - Washington Post Blogs
Board and Executive Moves

Wells Fargo's new CEO, Charles Scharf, has one of the hardest jobs in banking. It has gotten off to a rough start.

After three months in the position, Scharf made his debut before Wall Street analysts Tuesday to report another disappointing quarter for the bank. During the fourth quarter, its profit fell 50 percent, to $2.9 billion, compared with the same period a year ago. For all of 2019, profits fell to $20 billion, compared with $22 billion in 2018. Revenue fell 5 percent during the qu...