""I also want to note the wonderful job Allen has done as general counsel and interim CEO in providing strong leadership. Given his experiences and accomplishments, I know we will work closely together as we move forward." Wells Fargo shares were marked 4.13% higher at the start of trading immediately following the naming of Scharf as CEO, indicting an opening bell price of $50.86 each, a move that would leave the stock only modestly higher since Sloan's surprise resignation on March 28. BNY shares, meanwhile, slipped 3.8% to $44.89 as investors priced in Scharf's departure. Sloan stepped down after just three years at the helm after failing to quell years of scandals and political criticism linked to the tenure of ousted CEO John Stumpf, who left the bank in 2016 amid revelations that staff had created millions of fake accounts in order to boost internal performance targets.