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Wells Fargo Is Still in Fix-It Mode

Wells Fargo Is Still in Fix-It Mode

by Starling Insights

Starling Insights Editorial Board

Sep 21, 2023

Observations

Wells Fargo is still grappling with the fallout from its fake accounts scandal that came to light seven years ago. The lender is at a critical juncture as it strives to overhaul its risk and control functions under the threat of further regulator sanctions, including the possibility of being broken up.

At a conference earlier this year, Chief Executive Officer Charlie Scharf spoke to what he perceived to be regulators' increased willingness to take drastic action when banks aren't meeting their expectations. "Until our work is done, we're still at risk," he said.

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