Just last week, Wells Fargo (WFC) agreed to pay a $1 billion fine to the government to settle consumer lending abuse complaints. And at the company’s shareholder meeting today, Wells Fargo CEO Tim Sloan heard about those abuses — and more. The meeting featured emotional appeals from customers who had lost their homes and was briefly interrupted by the chants of protesters, but Sloan also wound up deflecting calls for the bank to cut its ties with gunmakers and the oil and gas industries…
California Treasurer John Chiang spoke multiple times at the meeting, calling for the ouster of John Baker from the bank’s board of directors for being among those at the helm when the bank’a consumer abuses were taking place. However, the election of Baker and 11 other board nominees was approved at the meeting.
Sloan, a 30-year veteran at the bank, “has not drained the swamp, he has become it,” declared Chiang, a Democrat who’s also a California gubernatorial candidate.
During his presentation, Sloan said Wells Fargo had made “significant progress” in rebuilding trust in its brand, but also acknowledged more work remained.
The CEO touted the bank raising its wages to $15 an hour for 50,000 employees and said it had made changes that helped more than 800,000 customers avoid overdraft charges in the last year….
After a brief interruption by a smattering of protesters chanting “Wells Fargo, you’re the worst, put the people and the planet first,” the company announced that three management proposals had been approved — including one in favor of the bank’s executive compensation plan — by a majority of shareholders, while three advanced by shareholders had failed.
Sloan last month was given a $17.4 million compensation package for 2017, most of it in restricted stock.