Wells Fargo Finally Appoints New CEO Who Is A Dimon Protege

Wells Fargo has finally found a new CEO.

The scandal-plagued banking giant has hired Charles Scharf, CEO of BNY Mellon, to be its new chief executive after its prior two CEOs resigned under intense political pressure. The decision ends a closely watched, months-long search.

Scharf began his career in finance as a mentee of Jamie Dimon, following him all the way from serving as his personal assistant at Commercial Credit to the upper ranks of JP Morgan, where Scharf served as CEO of Retail Financial Services for nine years between July 2004 and June 2012. He was also once the managing director of One Equity Partners, JPM’s private investment vehicle.