Business
Wells Fargos President Betsy Duke Resigns After Critical Report
Wells Fargos President Elizabeth A. Duke has resigned, the bank announced Mondaybowing to pressure from Washington ahead of what will likely be a new round of Congress grilling over the course of its history of deceptive consumer practices.
Ms. Duke, known as the Betsy, resigned on Sunday. She was president of the bank since January 2018 and director since 2015. James H. Quigley, director since 2013, also resigned from the board of directors, the bank said.
A report released last week by the House Financial Services Committee deeply criticized the two members of the board of directors.
According to the report, Ms. Duke and other members of the board were hesitant to meet with regulatory authorities to resolve bank problems, and she complained that she was included in the letters that the regulatory authorities were sending Wells Fargo with instructions. And Mr. Quigley, according to the report, asked for a light touch from a political representative of the federal consumer protection agency.
After the report was released, California-based representative Maxine Waters and the chair of the committee called on the two to step down.
The committee examined the interactions of banks with regulators after revealing a series of consumer abuses from the end of 2016, including employees opening false bank accounts and charging unwarranted fees. the bad behavior dates back to at least 2002.
The practices, which highlighted a The culture of toxic sales at Wells Fargo has led to the ouster of several bank executives, including a former CEO, John Stumpf. His replacement, Timothy J. Sloan, resigned last year after taking the heat for not cleaning the lender quickly enough.
The House Democrats' report also criticized Mr. Sloan and his acting successor, C. Allen Parker.
According to the report, Mr. Sloan testified inaccurately during a committee hearing on the banks' compliance with the orders of its chief regulator, the Office of the Currency Controller. The report also said that Parker had communications with an official at the Consumer Financial Protection Bureau who had promised political surveillance of any coercive action against the bank. The report indicates that Mr. Parker kept Mr. Quigley informed of these communications.
Charles H. Noski, who joined the board of directors last June, will take the chair. Nine of the remaining 12 boards joined in 2017 or later, after the end of the period when the bank opened fake accounts and unauthorized accounts.
Ms. Duke was scheduled to appear before the House committee at a hearing this week. Wells Fargos' current president and CEO, Charles W. Scharf, is scheduled to testify before the same House committee on Tuesday.
The subject of the hearing, the committee said, is the next step for the bank that has shattered the trust of the Americas.
This is a developing story. Check back for updates.
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