Wells Fargo CEO Scharf told Congress the bank could still face setbacks while it tackles regulatory issues According to Reuters


© Reuters. FILE PHOTO: Charles Scharf, CEO, Wells Fargo speaks at the 2021 Milken Institute Global Conference in Beverly Hills, California, U.S. October 18, 2021. REUTERS/David Swanson


WASHINGTON (Reuters) – Wells Fargo (NYSE:) Chief Executive Officer Charles Scharf plans to tell Congress that the bank could still face operational setbacks to address longstanding regulatory issues, according to prepared testimony made public. announced by the House Financial Services Committee on Tuesday.

In his testimony, Scharf said while he was confident the bank could resolve its issues as quickly as possible, the complexity and volume of the issues meant it could take several years. years before all concerns of regulators were addressed.

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