“We’re gradually getting more pessimistic.” “Anybody should move for a big job like that.”Scharf, the former CEO of Bank of New York Mellon Corp. and Visa Inc., Scharf won the Wells Fargo job after two previous CEOs were felled by consumer scandals that have dogged the bank since late 2016. The hiring of Scott Powell shows that CEO Charlie Scharf is turning to outsiders with whom he has previously worked as he seeks to resolve the San Francisco bank’s sprawling regulatory problems. Sources inside the bank say that he has been laser-focused on efficiently tackling the bank's problems by cutting unnecessary meetings and focusing on accountability.The bank has also recently announced a number of initiatives that would appeal to the Democratic majority committee, like increasing the minimum wage for its employees, rolling out new bank accounts that limit overdraft fees and credit products for DACA recipients.Prior CEOs John Stumpf and Tim Sloan left the company shortly after similar appearances before Congress.Scharf, though, as the new broom, is not likely to meet the same fate. “If the giant wakes up, we don’t know what’s going to happen.”Munger, a longtime Republican, said both Pete Buttigieg and Senator Amy Klobuchar are interesting presidential candidates. "We understand the seriousness of concerns felt by customers and employees about the coronavirus," Scharf said in prepared remarks, but during the hearing he declined to provide specifics on how the bank planned to help consumers and clients who are facing hardships due to the pandemic.When Scharf took the reins in October, he inherited a bank that was under federal investigation, subject to more than a dozen consent orders and hindered by an unprecedented Federal Reserve cap on its balance sheet growth.
We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services. March 10- New Wells Fargo& Co Chief Executive Charlie Scharf testified on Tuesday that substantial change was under way at the bank as lawmakers grilled him on the status of … The company has paid billions of dollars in fines and legal costs and is under a Federal Reserve order limiting its growth.“He was not responsible for the mistakes that were made,” Munger said following Daily Journal’s annual meeting in Los Angeles.Munger, a California resident, is a vice chairman at Omaha, Nebraska-based Berkshire.
Charlie loves his job. Data is a real-time snapshot *Data is delayed at least 15 minutes.
Daily Journal also Here’s some other key takeaways from the interview Wednesday:As Munger ran through the business items for the Daily Journal’s annual meeting, he said it’s “weird” that voting power at U.S. corporations increasingly lies with operators of index funds.“God knows what the consequences will be,” he said.He said that Larry Fink, who runs BlackRock Inc., and proxy advisory firm Institutional Shareholder Services Inc. have enormous “The voting power of the index funds is a sleeping giant,” Munger said.
The industry will closely watch what Charlie Scharf does with Wells Fargo’s branch network, numbering between 5,600-5,700, depending on the pace of some announced closures. Buttigieg, who gained momentum with the Democratic caucus in Iowa and his second-place ranking in New Hampshire, is “very articulate” and is making a stir, Munger said.“It’s a powerful message,” Munger said. “That’s outrageous,” Munger, 96, said Wednesday in an interview when asked about Charlie Scharf’s choice to live in New York while running the San Francisco-based lender.
“‘Everybody’s the victim’ and ‘everyone’s being unfair to you’ is a popular refrain.” He declined to name which, if any, candidate he’d back for the presidential election.Michael Bloomberg is also seeking the Democratic presidential nomination. Lawmakers, however, have so far been unimpressed.Democratic House Financial Services Committee Chair Maxine Waters, a fiery bank-basher, told reporters on Thursday that despite meeting with Scharf, she had no indication that he had a compelling plan for turning around the bank.
He is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News.Berkshire, where Munger is a vice chairman, has been finding it harder to deploy its “We were more optimistic about being able to intelligently use our money elsewhere,” Munger said.
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