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Wells Fargo investors re-elect all 15 board directors despite discontent; stock rises

A man uses a Wells Fargo automated teller machine inside a bank branch in New York.
Eric Thayer | Bloomberg | Getty Images
A man uses a Wells Fargo automated teller machine inside a bank branch in New York.

Investors re-elected Wells Fargo's entire board despite some concerns many of the directors would not make the cut as shareholders voiced their continued discontent with the bank's handling of the cross-selling scandal and its fallout.

Earlier, a source familiar with the matter told CNBC that investors were expected to re-elect the company's entire board of directors, but by a narrow margin.

The bank's stock rose roughly 1.7 percent in trading on Tuesday after the vote.

Going into the meeting it was expected that several directors would get support in the low 50 percent range — a sign that would reflect discontent with the bank. Usually, incumbent board members receive a much higher percentage of votes.

The directors reelection votes ranged from 53 percent to 99 percent, Wells Fargo said.

Wells Fargo has been battling the fallout from its sales practices since the fall. The scandal has already resulted in the departure of high-level executives, including former CEO John Stumpf.

—With reporting from CNBC's Leslie Picker