Wells Fargo chairman likely to step down: Reports

Bank is reviewing its own structure

FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. REUTERS/Mike Blake/File Photo
FILE PHOTO - A Wells Fargo Bank is shown in Charlotte, North Carolina, U.S. on September 26, 2016. REUTERS/Mike Blake/File Photo

Wells Fargo Chairman Stephen Sanger likely will leave before the company’s next shareholder meeting early next year as part of a shake-up of the board of directors, the Wall Street Journal reported, citing people familiar with the matter.

Vice Chairman Elizabeth Duke probably will replace Sanger atop the San Francisco-based company’s board, according to the newspaper. Wells Fargo said last week that the board is reviewing its own “structure, composition and practices,” which will lead to actions to be announced later in the third quarter.

Calls for changes on the board intensified last month after the bank said 500,000 clients unwittingly might have paid for protection against vehicle loss or damage while making monthly loan payments, even though many drivers already had their own insurance policies.

The disclosure follows a scandal last year in which the company acknowledged that it may have opened millions of unauthorized deposit and credit-card accounts.

A Wells Fargo spokesman declined to comment about board member changes.

The bank said last week that the board’s review was in response to “feedback received at our annual stockholders’ meeting in April.”

CONTINUE READING

MORE Business ARTICLES TO READ NEXT ...

DES MOINES - Jobs related to solar energy are on the rise in Iowa, bucking a national trend. But those job gains and the burgeoning solar industry in Iowa could be undone by proposals under consideration in the state and federal ...

'You can't leave your career when you're at your height - it will derail you.'That was the commonly accepted belief and unwritten rule of career advancement in the company where Holly Meidl worked early in her career. A rising sta ...

Give us feedback

Have you found an error or omission in our reporting? Tell us here.

Do you have a story idea we should look into? Tell us here.