John Chiang | In the News

California treasurer threatens to ‘raise holy hell’ at Wells Fargo’s annual meeting


California Treasurer John Chiang told Wells Fargo that unless the bank ousts the four directors from the board that he wants gone, he will “raise holy hell” at this year’s annual shareholders meeting.

In taking action against the bank Feb. 2, the Federal Reserve capped the bank’s growth and ordered four directors to exit by year-end. But Wells Fargo (NYSE: WFC) has not identified the three board members exiting by the end of April and the other director departing by year-end.

Chiang, a candidate for governor, reiterated Monday that he wants four directors shown the door: Lloyd Dean, president and CEO of San Francisco-based Dignity Health; John Baker II, CEO of FRP Holdings, a real estate company based in Jacksonville, Fla.; Federico Pena, former U.S. energy secretary and former transportation secretary; and Enrique Hernandez Jr., chairman and CEO of Inter-Con Security Systems.

Even if the four directors are removed this year, Chiang said he still plans to attend this year’s annual meeting to call on Wells Fargo to eliminate arbitration clauses for fraudulently created accounts.

Source: Biz Journals – Read More Here