Wells Fargo has appointed former Obama chief of staff Bill Daley to leads its dealings with politicians and the public, as the embattled bank battles to recover from a mis- selling scandal.

The bank, which has been led by new chief executive Charlie Scharf since October 21, said Mr Daley would take over as vice-chairman of Public Affairs on Nov 13. He will sit on the bank’s operating committee and report directly to Mr Scharf.

Wells has been operating under a cap on the size of its balance sheet since early 2018, one of a range of punishments doled out by regulators after 2016 revelations that the bank falsely created millions of customer accounts.

Mr Scharf said Mr Daley was “a strong voice who brings perspectives from the public sector that we in business do not generally have but are critical for us as we make decisions.”