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Wells Fargo’s New York CEO Fuels Questions Over West Coast Base

  • San Franciso-based bank struggles luring recruits to hometown
  • Cities including Charlotte, Des Moines have pushed relocation
Mortgage Applications in U.S. Slumped Last Week to Five-Year Low

Photographer: Patrick T. Fallon/Bloomberg

Wells Fargo & Co.’s interim chief Allen Parker tried to bring a New York urgency to the California bank. The new boss is bringing New York.

Charlie Scharf, who three years ago left the top spot at San Francisco-based Visa Inc. to rejoin his family on the East Coast, made staying in New York a prerequisite to taking the Wells Fargo job. He’ll run the $2 trillion lender about 3,000 miles away from its San Francisco headquarters and make an already spread out operating committee even more dispersed.