WFC Wells Fargo and Company

By Emily Glazer 

Wells Fargo & Co. re-elected all of its 12 board directors with more than 89% of preliminary votes, in a shift from the bank's chaotic shareholder meeting last year.

Wells Fargo, which hosted the meeting in Des Moines, Iowa, near its mortgage-business headquarters, still heard complaints about Chief Executive Timothy Sloan, executive compensation and its relationship with the firearms industry during the 2 1/2 -hour-long meeting.

Wells Fargo Chairman Elizabeth "Betsy" Duke defended Mr. Sloan's role as CEO, saying she disagrees with California Treasurer John Chiang's and others' calls for him to be removed.

"Tim's time with the company is an advantage and his commitment to change is unwavering," she said. "I think he is the right CEO for Wells Fargo."

Ms. Duke did acknowledge that "the company can perform better."

Though Wells Fargo's sales-practices scandal erupted more than 18 months ago, it has continued to face regulatory scrutiny for a bevy of other problems. The bank late last week agreed to a $1 billion settlement with the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau related to its risk management in consumer-lending businesses.

That settlement forced the bank to adjust recently reported first-quarter earnings by $800 million. And Wells Fargo in February was hit with an unprecedented enforcement action from the Federal Reserve for failing to have proper risk controls. That order barred the bank from growing past the $1.95 trillion in assets it had at the end of 2017.

Write to Emily Glazer at emily.glazer@wsj.com

(END) Dow Jones Newswires

April 24, 2018 14:43 ET (18:43 GMT)

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