Wells Fargo CEO: We're America's 'best corporate citizen'

Wells Fargo CEO: We're America's 'best corporate citizen'

It looks like Warren Buffett has saved the board of embattled USA banking giant, Wells Fargo from ignominy at a heated and noisy annual meeting overnight in Florida.

Stockholder Proposal 7: The Board of Directors should study whether Wells Fargo should divest its non-core businesses, effectively breaking up the bank.

"The gentleman who just spoke has a powerful message", Sister Nora said.

Two customers who came to speak were at the meeting to plead for mortgage relief.

“Let me assure you the entire board has heard that message.”.

The third-largest USA bank by assets does have the support of its largest investor, Warren Buffett's Berkshire Hathaway, which owns about 10 percent of the company's shares.

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Even so, several shareholder elections experts called the vote tally unprecedented, especially at a company the size of Wells Fargo, and predicted it would spur change. The agencies' board of directors each voted unanimously that the latest plan "adequately remediated the remaining deficiencies" from the 2015 plan. "Additionally, KPMG has a tenure of 86 years we believe the company should explore auditor rotation to ensure a fresh perspective", it said.

Sanger responded by acknowledging the Wells Fargo culture "was off the rails" and said the board has tried to hold senior leaders accountable. All four candidates received at least 98 percent of shareholder votes in 2016. Instead of immediately coming clean about what is now understood to be a pervasive and long-term cultural problem fostered by top management and permitted to flourish through board negligence, the bank's first response was to fire thousands of low-level employees and to narrowly characterize the scandal as a retail-sales division issue.

The next step for Wells Fargo is to file a 2017 resolution plan by July 1 "that addresses vulnerabilities to orderly resolution as noted in guidance issued by the agencies a year ago". On Tuesday, a Boston shareholder named Bruce Marks was tossed out. Sanger ruled him out of order.

Last week, Berkshire Hathaway, Wells Fargo's largest shareholder with a roughly 10 percent stake, said it and was voting its shares in favor of all 15 directors.

Chairman Stephen Sanger said, "We are deeply sorry", as he addressed shareholders at the bank's annual shareholders meeting Tuesday. Also, CEO Timothy J. Sloan bought 39,000 shares of the business's stock in a transaction that occurred on Monday, April 17th.

According to the statement, "These board members bear responsibility for the failure of oversight of sales practices at Wells Fargo". One of them calls for yet another internal investigation into the bank's sales practices.

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Wells Fargo & Co.'s shareholders voted to re-elect all of the bank's directors, but in some cases by slim majorities rarely seen in big corporate votes and that reflect persistent unease about the lender's sales-practices scandal last fall.

The scandal led to an executive shake-up, fines and a dented reputation.

"The Wells Fargo board has suffered from mushroom management".

Now the shares of Wells Fargo & Company (WFC) has a trading volume of 26.16 Million shares, with an average trading volume of 29550 shares - with shares dropping to a 52 week low of $42.90, and the company's shares hitting a 52 week high of $ 59.99. Wells Fargo will no longer be subject to the growth restrictions which were imposed previous year.

Wells' almost three-hour long shareholder meeting was interrupted several times by protesters, with one man, Bruce Marks with the Neighborhood Assistance Corporation of America, effectively dragged out by armed security guards.

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