Wells Fargo Finds Itself Behind in the Tech Race as New CEO Tries to Turn Bank Around

Wells Fargo was one of the first banks to use online banking back in the 1990s but now finds itself well behind rivals when it comes to innovation and technology; regulators have found a laundry list of problems that the new CEO says will be his top priority along with improving the bank’s overall tech stack; the bank is restarting projects that were previously shelved and is trying to ensure systems stay online when certain data centers fail as happened early last year; “We need to be a technology company,” Chief Executive Charles Scharf said in his first meeting with employees according to the Wall Street Journal; Scharf comes from JPMorgan Chase who has become a leader in innovation and hopes to bring some of the lessons learned to improve Wells Fargo for employees, regulators, customers and clients. Wall Street Journal

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