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Wells Fargo CEO Charlie Scharf praised the renomination of Jerome Powell as Chair and the nomination of Dr. Lael Brainard as Vice Chair of the Federal Reserve. He emphasized the importance of their leadership and the positive policy continuity these appointments bring to the financial industry and the country.
Wells Fargo, with approximately $1.9 trillion in assets, serves one in three U.S. households and over 10% of small businesses, providing a diversified range of banking and financial services.
Positive
Strong leadership continuity in the Federal Reserve with Powell and Brainard's nominations, which is favorable for the financial industry.
Negative
None.
SAN FRANCISCO--(BUSINESS WIRE)--
Wells Fargo CEO Charlie Scharf today issued the following statement regarding President Biden’s announcement of his intent to renominate Jerome Powell as Chair of the Board of Governors of the Federal Reserve System (the Federal Reserve) and to nominate Dr. Lael Brainard to serve as Vice Chair of the Federal Reserve:
“Congratulations to Chairman Powell and Dr. Brainard on their nominations as Chair and Vice Chair of the Federal Reserve, respectively. Chairman Powell and Dr. Brainard have provided strong leadership, and the policy continuity that comes from having them in these positions is good for the industry and the country.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is the leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 37 on Fortune’s 2021 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
What did Wells Fargo's CEO say about the Federal Reserve nominations?
Wells Fargo CEO Charlie Scharf congratulated Jerome Powell and Dr. Lael Brainard on their nominations, highlighting the positive policy continuity they provide.
How much does Wells Fargo manage in assets?
Wells Fargo manages approximately $1.9 trillion in assets.
What is Wells Fargo's market position in the U.S.?
Wells Fargo serves one in three U.S. households and over 10% of small businesses, making it a leading financial services provider.
What is the significance of Powell and Brainard's nominations for Wells Fargo?
Their nominations are seen as beneficial for policy continuity, which is favorable for the financial institution and the broader industry.
