Wells Fargo CEO Scharf to tell Congress bank could still face setbacks while addressing regulatory woes By Reuters
© Reuters. FILE PHOTO: Charles Scharf, CEO, Wells Fargo speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David Swanson
WASHINGTON (Reuters) – Wells Fargo (NYSE:) CEO Charles Scharf plans to tell Congress that the bank could still face setbacks as it works to address longstanding regulatory issues, according to prepared testimony published by the House Financial Services Committee Tuesday.
In his testimony, Scharf said while he is confident the bank can address its problems as quickly as possible, the complexity and volume of the issues means it is likely several years before all regulators’ concerns are fixed.