AP Business Writer
NEW YORK (AP) — The third chief executive of Wells Fargo in four years appeared in front of Congress on Tuesday, saying that there's much the bank needs to do to fix its cultural problems, and isn't expecting it to be done until 2021.
Charles Scharf took over the troubled bank late last year. He replaced Tim Sloan, who resigned in March only a couple of weeks after being lambasted by members of Congress in his own hearing.
Unlike Sloan, Scharf is an outsider, previously holding the jobs of CEO of Bank of New York Mellon and Visa. Since taking the job, Scharf has been candid that the bank still have much work to do and has been trying to resolve all of the bank's legal problems.
"I am confident we can move this company in a significantly improved directi