In the Margins

Wells Fargo board faces re-election today

April 25, 2017

By The New York Times

Members of Wells Fargo's board of directors face re-election today at the bank's annual shareholder meeting, the first since the scandal over the creation of millions of fake bank accounts that cost more than 5,300 people their jobs. Giant pension funds—including Calpers and its New York City counterpart—are planning to vote against most of Wells Fargo's 15 board members, saying they failed in their duties to oversee the company. Warren Buffett, whose Berkshire Hathaway owns about 10% of the company’s shares, has signaled that he intends to back the incumbent board. Read the original story from The New York Times.



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