Wells Fargo Board Receives Epic Ass Kicking


Wall Street is a brutal place:

Wells Fargo & Co.’s shareholders are expected to re-elect all of the bank’s directors—but at uncomfortably low vote totals—in a pitched contest over the board that resulted from last fall’s sales-practices scandal, according to people familiar with the matter.

….While the re-election of directors, if confirmed, will be a relief for the bank, the likelihood that at least a few board members will receive below 60% of votes cast is concerning….The collective low votes for long-serving directors sends a clear message to the bank of “dissatisfaction,” one of the people familiar with the matter said.

Tough but fair. After this trip to the woodshed you can be sure that sleazy practices are a thing of the past at Wells Fargo.