Faith Based Investors Become Non-Believers In Wells Fargo

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Опубликовано 10 октября 2016, 12:54
Calling on the bank to report on the root causes of a fake accounts scandal that led to a $190 million settlement struck with regulators last month, a group of nuns and other religiously-affiliated investors have lost faith in embattled Wells Fargo & Co and filed a shareholder resolution.
After revelations bank employees opened as many as 2 million checking, savings and credit card accounts without the customers' permission in order to meet sales quotas, the faith-based investors say they also want the report to cover improved controls.
The resolution resembles one the Sisters of St Francis of Philadelphia and others filed for the bank's 2014 annual meeting. That resolution was withdrew, on the understanding the San Francisco-based bank would provide more specifics on areas like its risk controls.
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