Wells Fargo Elevates CEO to Chairman as Trading Volume Hits 107th in U.S. Equities at $1.2 Billion Shares Fall 1.41%

On July 31, 2025, Wells Fargo (WFC) reported a trading volume of $1.2 billion, ranking 107th in U.S. equities, as the stock closed down 1.41%. The bank announced its board plans to appoint CEO Charlie Scharf as chairman, accompanied by a $30 million special equity grant in restricted shares and stock options. The move aims to retain Scharf, who has led the bank’s recovery since 2019 following the 2016 fake-accounts scandal. The board emphasized his role in driving transformation, shareholder value, and future positioning, while also establishing a lead independent director to maintain oversight.

The board’s decision reflects broader governance considerations. Scharf’s dual role as CEO and chairman contrasts with peers like JPMorgan Chase and Bank of America, where such separation is common. Shareholders previously rejected similar proposals at Goldman Sachs and Bank of America, underscoring the ongoing debate over board structure. Wells Fargo’s recent release from a $1.95 trillion asset cap further highlights its strategic shift toward long-term stability.

A liquidity-focused strategy involving the top 500 stocks by trading volume delivered a 166.71% return from 2022 to July 30, 2025, outperforming the 29.18% benchmark. This approach generated an excess return of 137.53%, demonstrating the potential of high-volume stocks in short-term gains. While Wells Fargo’s recent performance lagged, the broader market’s liquidity-driven momentum underscores the significance of trading activity in shaping equity returns.