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.
Sens. Elizabeth Warren and Ed Markey are seeking information about KPMG to determine if it lived up to its professional obligations when it decided not to disclose fake accounts at Wells Fargo.
While many shareholders are by now largely immune to the transgressions of the U.S. banking sector, Wells Fargo’s recent phony account scandal has given even the most hardened cynics pause.
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.
Tim Sloan just survived his biggest test yet, when a board investigation found he wasn't to blame for the bank's notorious account scandal. But his next is just days away: Persuading investors not to expel much of the board.
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.
Hacker group Shadow Brokers says U.S. intel agency compromised parts of the global banking system; bank's directors gear up for tough election at annual meeting.
A review of activity that long ago would not shed additional light on the scope of misconduct in Wells Fargo's retail banking unit, CFO John Shrewsberry said in an interview.
