Tim Sloan insisted Monday that the bank’s phony-accounts scandal, which has eroded its position with U.S. consumers, has not hurt its recruiting efforts.
An expected investor revolt at Wells Fargo’s annual meeting failed to materialize Tuesday as shareholders voted to re-elect 12 board members and elect three more nominated by the company.
The San Francisco bank is adding $32 million to a previously announced agreement, and also extending it back to 2002, in the wake of a report on the roots of the firm's sales scandal.
Even in the event of a landslide, throw-the-bums-out investor vote over director seats next week, expect business as usual in Wells’ boardroom for a long while.
The San Francisco bank says it's making strides in regaining the trust of its customers, but winning over new ones — as evidenced by a 9% decline in retail banking profits — remains a struggle.
Directors take back $75 million more from two former executives and release scathing report on bank's fake accounts scandal; UBS executive sees decade-long wait for transformation.
The San Francisco bank is trying to turn the page with a new report that mostly pins blame on executives who have either left the company or been demoted, but the report shows the misconduct went further back than previously acknowledged.
Wells Fargo, accused of ousting branch workers who struggled to reach untenable sales targets or objected to burgeoning misconduct, has rehired about 1,000 former employees as CEO Tim Sloan tries to put the scandal to rest.
Proposals to split the chairman and CEO roles at banks have rarely succeeded. But new developments — including a proposal to require separate roles for the next generation of managers — are helping concerned shareholders slowly make inroads.
