By Angela Chen
Wells Fargo Co. has elected a former member of the Federal
Reserve system's board of governors, Elizabeth A. Duke, to its own
board effective Jan. 1.
Ms. Duke "has more than 30 years of experience leading banking
operations in markets where Wells Fargo does business," Chief
Executive John Stumpf said in a statement.
Most recently, Ms. Duke was executive-in-residence at her alma
mater, Old Dominion University. She has also held senior leadership
positions, such as chief executive of the Bank of Tidewater, chief
operating officer of TowneBank and was a senior officer at
SouthTrust Bank and Wachovia Bank N.A.
Wachovia, SouthTrust and Bank of Tidewater have all become part
of Wells Fargo.
From 2008 to 2013, she was on the board of the Federal Reserve
System, where she was chair of its committee on consumer and
community affairs.
San Francisco-based Wells Fargo, the nation's largest bank by
market capitalization, has seen its shares rise almost 18% this
year, outperforming rivals such as J.P. Morgan Chase, Citigroup,
Bank of America and Morgan Stanley.
However, results in the latest quarter disappointed investors as
the company's net interest margin--a key profitability figure that
measures the difference between what a bank makes on lending and
what it pays depositors--narrowed from previous years.
Write to Angela Chen at angela.chen@dowjones.com
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