Financials
John Stumpf
Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PricewaterhouseCoopers principal, will...
Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chair Stephen Sanger next year, one of several changes announced on Tuesday in a board overhaul following a sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will retire at the same time. Juan Pujadas, a former PricewaterhouseCoopers principal, will...
Aug 15- Wells Fargo& Co Vice Chair Betsy Duke will replace retiring Chairman Stephen Sanger next year, one of several changes announced on Tuesday in response to shareholder displeasure over the bank's sales practices scandal. The two longest-serving directors, Cynthia Milligan and Susan Swenson, will also retire at year end. Wells Fargo's board hired Mary Jo...
SAN FRANCISCO— Wells Fargo& Co. said Tuesday that Elizabeth Duke will become its chairwoman next year, making her the first woman to hold the position at a major Wall Street bank. Sanger took over as independent chairman late last year after John Stumpf, Wells Fargo's then CEO and chairman, abruptly resigned in the aftermath of the bank's sales practices scandal.
Betsy Duke, who only joined the board of the third-largest U.S. lender in 2015, will be promoted as Wells tries to repair damage caused by widespread sales abuses against customers. Chairman Stephen Sanger reaches the mandatory retirement age of 72 in April, ahead of the next annual shareholder meeting. On Thursday, the Wall Street Journal reported Sanger would...
Aug 10- Betsy Duke, a former Federal Reserve official and community banker from Virginia, is likely to become chairwoman of the board of Wells Fargo& Co, investors, analysts and two people with knowledge of board discussions told Reuters. On Thursday, the Wall Street Journal reported that current Chairman Stephen Sanger will step down by early September, with Duke...
Aug 10- Betsy Duke, a former Federal Reserve official and community banker from Virginia, is likely to become chairwoman of the board of Wells Fargo& Co, investors, analysts and two people with knowledge of board discussions told Reuters. On Thursday, the Wall Street Journal reported that current Chairman Stephen Sanger will step down by early September, with Duke...
Aug 10- Betsy Duke, a former Federal Reserve official and community banker from Virginia, is likely to become chairwoman of the board of Wells Fargo& Co, the Wall Street Journal reported on Thursday. A spokesman for San Francisco- based Wells Fargo declined to comment. Duke spent more than three decades as a community banker in Virginia and was a Federal Reserve...
Aug 10- Betsy Duke, a former Federal Reserve official and community banker from Virginia, may become chairwoman of the board of Wells Fargo& Co, according to the Wall Street Journal. Duke became a director in 2015 and was named vice chair last year after the scandal broke and led to the resignation of then-Chairman and Chief Executive Officer John Stumpf.
Democrats on the Senate Banking Committee asked its Republican leaders in a letter to summon Wells Fargo Chairman Stephen Sanger and Chief Executive Tim Sloan. That letter accompanied one sent by Representative Maxine Waters, the top Democrat on the House Financial Services Committee, who wants to know how Wells Fargo wrongly charged roughly 570,000...
Democrats on the Senate Banking Committee plan to ask Republicans in leadership to summon Wells Fargo Chairman Stephen Sanger and Chief Executive Tim Sloan to answer how sales abuses went unchecked at the bank for so long, according to a draft letter viewed by Reuters. That letter would follow one sent on Tuesday by Representative Maxine Waters, the top...
The proposed class action filed on Sunday in San Francisco federal court deepens the fallout from the latest bad practice uncovered at Wells Fargo. The San Francisco- based bank made its announcement less than three hours after The New York Times wrote about an internal report prepared for executives that detailed improper charges. "Wells Fargo has long lost...
The proposed class action filed on Sunday in San Francisco federal court deepens the fallout from the latest bad practice at Wells Fargo. The San Francisco- based bank made its announcement less than three hours after The New York Times wrote about an internal report prepared for executives that detailed improper charges. "Wells Fargo has long lost the right to...
On Sept. 8, the company announced a $185 million settlement with regulators to atone for the sales abuses. In response, Wells Fargo has fired senior managers, changed pay incentives for branch staff, separated the role of chairman and CEO and faced a difficult shareholder vote at its annual meeting. http://tmsnrt.rs/2tNpLd1 John Stumpf, the company's CEO when...
WASHINGTON, July 13- Federal Reserve Chair Janet Yellen said on Thursday the central bank was prepared to act against directors of Wells Fargo if an investigation deems it appropriate. Under questioning by Democratic Senator Elizabeth Warren of Massachusetts about the bank's creation of millions of fake accounts, Yellen said she would not comment on...
July 9- Wells Fargo& Co president and chief executive Tim Sloan said the company is pleased a California judge has given preliminary approval to a $142 million settlement between Wells Fargo and a group of plaintiffs over its creation of false accounts. However, the ensuing scandal led to the resignation of CEO John Stumpf in October. After accusations of...
June 27- Wells Fargo& Co said on Tuesday it agreed to sell its commercial insurance business to private insurer USI Insurance Services, as the third-largest U.S. bank plans to focus on core banking products and services. Wells Fargo has doubled its cost-cutting target after expenses soared in the aftermath of the scandal. Wells Fargo plans to reduce expenses by...
The "Squawk on the Street" crew weighs in on Sen. Elizabeth Warren's call to oust Wells Fargo directors.
June 1- Longtime Wells Fargo& Co executive David Carroll will retire from his role as head of wealth and investment management next month, saying on Thursday he is leaving because he wants to pursue "another chapter in my life." Carroll's retirement is effective July 1, but he will remain with the company until July 31 to make sure the transition goes smoothly.
Carroll, 60, will be replaced by Jonathan Weiss, 59, the current head of Wells Fargo Securities. Wells Fargo spokeswoman Kathleen Leary gave reason for Carroll's retirement other than that he was "ready for new challenges". Wells Fargo said it expects to announce Weiss' replacement before he transitions into his new role.
