Wells Fargo names financial veteran Charles Scharf as its new CEO

Wells Fargo has hired an outsider to clean up its broken culture, three years after a reputation-tarnishing series of scandals erupted.

The bank on Friday named Charles Scharf, previously the CEO of Bank of New York Mellon and Visa, to become its new boss.

The hiring of Scharf ends Wells Fargo’s six-month struggle to find a replacement for Tim Sloan, who stepped down abruptly in late March.

“I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change,” Scharf said in a statement.