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Wells Fargo names new CEO

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Wells Fargo named Charles Scharf, chairman and CEO of Bank of New York Mellon, as its next chief executive.

Effective Oct. 31, Scharf will succeed Tim Sloan, who abruptly resigned in March after 31 years with Wells Fargo.

The company is facing multiple scandals, such as one where Wells Fargo allegedly told employees to create millions of fake bank accounts to meet sales quotas.

Read more from CNBC.


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