Jamie Dimon said Charlie Scharf is creating a formidable competitor in Wells Fargo & Co.
(Bloomberg) — Jamie Dimon said Charlie Scharf is creating a formidable competitor in Wells Fargo & Co.
As the longtime JPMorgan Chase & Co. chief executive officer described his firm’s competitive landscape on a conference call Friday in response to a question from Wells Fargo analyst Mike Mayo, he nodded to Scharf’s turnaround of the fourth-biggest US lender.
“Wells, you know, who’s coming back, which I’m happy for you guys,” Dimon said before listing other rivals including Goldman Sachs Group Inc.’s Marcus, Apple Inc., Chime Financial Inc., Dave Inc. and Stripe Inc.
Scharf took over as CEO of Wells Fargo four years ago with the mission of moving it past years of scandals. He spent decades working under Dimon across multiple firms before leaving JPMorgan in 2012 to run Visa Inc.
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