Charles Scharf

Investors got a reminder that the bank isn’t past its problems even as it seeks a fresh start under a new leader.

The ‘Unsinkable Cathy Bessant’; Thasunda Duckett’s rising star takes center stage; the challenges facing Wells Fargo chief Charles Scharf; Fannie, Freddie to retain $45B in capital; and more from this week’s most-read stories.

Incoming CEO Charles Scharf will remain in New York even though the bank's headquarters is in San Francisco. His hiring underscores the diminished importance of geographical proximity for executives at large banks.

Goldman’s consumer unit, Marcus, has so far lost $1.3 billion; big lenders like JPMorgan Chase and Amex are making loans for small-ticket items like clothes and cosmetics.

Bank of New York Mellon’s quick decision to elevate the longtime executive to succeed Charles Scharf on an interim basis was well received. Will the board keep him, or search for an outsider for the long term?

Charles Scharf’s most immediate priorities will be mending fences with regulators and getting the bank out from under a Fed-imposed asset cap. But he also must come up with strategies for spurring revenue growth and reining in expenses.

In the payments world, Scharf is best known as the CEO of Visa Inc. from 2012 to 2016, where his strategies for faster payments, fintech partnerships and other key issues may shed light on what he has planned when he becomes CEO of Wells Fargo.

Bank of New York Mellon's clients shifted more of their deposits to higher-rate products. It was one of several trends that hurt the custody bank's bottom line.

Earnings were bolstered by lower taxes and higher asset-servicing fees, but revenue was flat and analysts raised concerns about a shrinking deposit base.

Assets under custody and administration surged to a record high of $33.6 trillion, the trust bank said in its second-quarter report.

The custody bank benefited from a wide range of economic forces in the first quarter.

BNY Mellon plowed some of its tax law savings into restructuring efforts.

In his first major move as CEO, Charlie Scharf has made several management changes at Bank of New York Mellon.

Growth in asset servicing offset declines in fees from foreign exchange and depositary receipt activity.

Charlie Scharf, the former chief executive officer of Visa Inc., was named chairman of the New York City Ballet, the largest dance organization in the U.S.

In his last earnings call as Visa's CEO, Charles Scharf spoke about the card brand's outlook for new technology and China.

Outgoing CEO Charles Scharf said the acquisition of Visa Europe is starting to pay off.

The compensation package will put incoming Visa CEO Alfred F. Kelly's income on par with Ajay Banga, Mastercard's CEO.

Longtime Amex exec Alfred F. Kelly Jr. will be taking over as Visa CEO at a time when much is at stake for the global card network.

The information you need to start your day, including top headlines from PaymentsSource and around the Web. In today's briefing: Charles Scharf's tenure; Apple Pay's goals; giving up gift cards.