CNN Business: March 9, 2020, Wells Fargo Chairwoman Quits After Maxine Waters Called For Her Resignation
Wells Fargo Chair Betsy Duke resigned abruptly Sunday, just days after Representative Maxine Waters called for her ouster.
Duke had served as chair of Wells Fargo’s board since January 2018 where she presided over the company’s attempts to move beyond its legal troubles. Before that, Duke was the bank’s vice chair from October 2016 through the end of 2017.
Wells Fargo also announced the resignation of James Quigley, a member of the bank’s audit and risk committees and a director since 2013.
The moves come after the Waters-led House Financial Services Committee released a scathing report last week. The report highlighted “problematic” communications of Wells Fargo executives, including notes from a November 2017 meeting where Duke questioned why regulators included her on letters requesting the bank take certain actions.
Duke and Quigley said Monday that it was their decision to resign, effective Sunday. Charles Noski, former CFO of Bank of America (BAC), will become Wells Fargo’s new chair.
“This is a politically smart move that could accelerate the bank’s escape from its regulatory troubles,” Jaret Seiberg, analyst at Cowen Washington Research Group, wrote in a note to clients Monday.
