Big banks kick off earnings season this week – Wells Fargo Securities senior analyst Mike Mayo discusses what we should be looking out for.
Wells Fargo on Monday said Chair Betsy Duke has resigned from its board of directors.
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Board member James Quigley also resigned.
“Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the Board that we step down from our leadership roles and they have accepted our resignation from the Board,” Duke and Quigley said in a joint statement. “We believe that our decision will facilitate the bank’s and the new CEO’s ability to turn the page and avoid distraction that could impede the bank’s future progress.”
Duke and Quigley were among the banks’ leadership expected to testify before the House Financial Services Committee in Washington, D.C. on Wednesday.
Last week, the chairwoman of the committee, Rep. Maxine Waters, D-Calif., called on the two directors to resign saying they “failed their responsibilities” to overhaul the scandal-ridden bank.
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Her comments came one day after the committee released a report documenting how Duke, Quigley and senior Wells Fargo leadership allegedly mismanaged its obligations to federal regulators, three-and-a-half years after it possibly created millions of fake customer accounts.
Republicans on Thursday dropped their own scathing 148-page report on the bank.
A former Federal Reserve governor, Duke was elected to the board in 2015. She resigned on Sunday.
Charles H. Noski, who joined the board in 2019, will take over as chairman.
