Wells Fargo has poached Bank of New York Mellon’s chairman and CEO to head the company, Wells Fargo announced Friday morning.

Charles Scharf is joining Wells Fargo effective Oct. 21, taking over from Allen Parker, Wells Fargo’s interim CEO and president since March and a member of the board, according to a press release from the company.

Parker will stay on to support the transition, Wells Fargo says.

Scharf will be based out of New York, where he presently lives, according to the press release, despite Wells Fargo’s headquarters being located in San Francisco, the Financial Times writes.

Before joining BNY Mellon, Scharf was CEO of Visa, and before that he was a managing director of One Equity Partners, JPMorgan’s private investment arm, Wells Fargo says.

Scharf had also served as CFO at Salomon Smith Barney as well as at Citigroup’s global corporate and investment bank division, and as CEO at JPMorgan Chase’s retail financial services and at Bank One’s retail division.


Parker took over as interim CEO in March following the departure of Tim Sloan amid government investigations into the company’s various businesses, which in turn had been prompted by 2016 revelations that thousands of Wells Fargo retail bank employees opened millions of bogus accounts without clients’ knowledge to meet aggressive sales targets.

Parker was briefly considered a contender for the permanent job.