Sen. Warren Calls for Removal of 12 Wells Fargo Directors
June 19 2017 - 10:07AM
Dow Jones News
By Emily Glazer
Sen. Elizabeth Warren (D, Mass.) is urging the Federal Reserve
to remove a dozen Wells Fargo board directors who served during the
bank's sales-practices scandal, according to a letter reviewed by
The Wall Street Journal.
In the letter sent to Federal Reserve Chairwoman Janet Yellen on
Monday, Sen. Warren urged the Fed to invoke its authority under a
rule that allows it to remove certain people associated with
depository institutions under specific circumstances.
Sen. Warren pointed to 12 directors who served on the San
Francisco bank's board between May 2011 and July 2015, a period in
which Wells Fargo fired 5,300 employees for the bad behavior. The
bank settled with two regulators and a city official in September
for $185 million over the practices. Its chief executive later
abruptly retired and the bank continues to face state and federal
investigations, which it has said it is cooperating with.
A spokesman for the board declined to comment; a spokeswoman for
the bank didn't have an immediate comment.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
June 19, 2017 09:52 ET (13:52 GMT)
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