Wells Fargo CEO to tap Bill Daley to help repair bank's image

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Wells Fargo's new leader is starting to install lieutenants to help him right the bank.

Chief Executive Officer Charlie Scharf plans to name Bill Daley, the former White House chief of staff, to a senior post to improve relations with authorities in Washington, according to people with knowledge of the plan. Daley already has the boss's trust, having served as a top adviser when Scharf ran Bank of New York Mellon.

Daley's hiring marks Scharf's first major leadership appointment since he took over the embattled San Francisco-based lender last month. It underscores one of his top challenges: rebuilding trust with regulators as well as federal and local lawmakers who have expressed dissatisfaction with the pace of reforms at the firm.

A representative for Wells Fargo declined to comment on the appointment.

Scandals and scrutiny from politicians across the country have been a drag on business and shares for more than three years while outlasting two CEOs and an interim boss who had also made repairing relations one of their top priorities. Wells Fargo has 14 outstanding consent orders with its regulators, most notably a growth cap from the Federal Reserve.

Bloomberg News
National banks Charles Scharf Wells Fargo