Wells Fargo Directors Win Easily Despite Criticisms
April 24 2018 - 2:58PM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Sep 2023 to Sep 2024