SAN FRANCISCO - The Wells Fargo stagecoach veered off into a ditch more than three years ago. And Scharf's not-so-secret weapon is the fact that "Wells Fargo" did not previously appear on his resume. It took Wells Fargo six months to find a replacement, leaving a rare power vacuum atop one of America's biggest and most troubled banks. Wells Fargo has yet to resolve a trio of investigations launched in 2016 by the Justice Department, SEC and Labor Department. "He's got a onetime opportunity to become the role model for the changed behavior of the Wells Fargo culture."

Justin Sullivan/Getty Images(CNN) - Wells Fargo has hired an outsider to clean up its broken culture, three years after a reputation-tarnishing series of scandals erupted. The bank on Friday named Charles Scharf, previously the CEO of Bank of New York Mellon and Visa, to become its new boss. The hiring of Scharf ends Wells Fargo's six-month struggle to find a replacement for Tim Sloan, who stepped down abruptly in late March. "I am honored and energized by the opportunity to assume leadership of this great institution, which is important to our financial system and in the midst of fundamental change," Scharf said in a statement. The-CNN-Wire & 2019 Cable News Network, Inc., a Time Warner Company.