Monday, May 1, 2017
The chairman of Wells Fargo's board says a "message of dissatisfaction" was heard loud and clear at the bank's rowdy annual meeting. With that out of the way, what lies ahead for the bank?
Guest host Tom Bullock
The Wells Fargo wagon crossed paths with angry shareholders at the bank's annual meeting, the first since last fall's admission that employees opened fraudulent accounts, possibly as many as two million. There were outbursts, including one from a financial industry gadfly who was hauled out by security.
But when the dust settled, the bank's entire board of directors was re-elected, though with less-than-overwhelming support. Chairman Stephen Sanger, who was re-elected with only 56-percent support, said Wells investors "sent... a clear message of dissatisfaction."
Days before the vote, the bank issued the long-awaited findings of an independent investigation into the bogus accounts and the high-pressure sales culture that bred the scandal. Blame was placed at the feet of former CEO John Stumpf and the former head of Wells' community banking division.
Wells is hardly out of the woods, however. Guest host Tom Bullock talks with two banking reporters about the bank's next steps, and with NPR's Chris Arnold, whose reporting on Wells employees who blew the whistle on the bogus accounts earned a Peabody Award.
GUESTS
Chris Arnold, correspondent, NPR (@Chris_ArnoldNPR)
Hilary Burns, banking and finance reporter, Charlotte Business Journal (@CBJBurns)
Deon Roberts, banking and finance reporter, The Charlotte Observer (@DeonERoberts)