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Breakingviews: Wells Fargo scandal exposes board

Gina Chon
A pedestrian walks in front of Wells Fargo & Co. headquarters in San Francisco, California.
David Paul Morris | Bloomberg | Getty Images

Wells Fargo's scandal exposes a stodgy board. Its members are the longest-tenured among major U.S. banks. Chief Executive John Stumpf is also chairman, and the lead independent director gets short shrift. A certain languor may have set in and partly explains the slow response to the fake-accounts mess.