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Wells Fargo scores a pyrrhic victory amid shareholder revolt

Joe Mont | May 2, 2017

You know your company’s annual meeting is not off to a very good start when a shareholder is ejected for repeatedly interrupting a nun.

Things went downhill from there when the disrupted nun, Sister Nora Nash, director of corporate responsibility for the Sisters of St. Francis of Philadelphia, echoed many of the same concerns shouted out by the protestor.

Heading into the Wells Fargo annual meeting on April 25, there was little doubt that a contingent of shareholders would be out for blood. The question was whether they had enough sway to remove directors and impose new managerial demands. While the banking giant ultimately prevailed, critics may ultimately have plenty to celebrate.

Earlier this year, the OCC, City of Los Angeles, and the Consumer Financial Protection Bureau announced that Wells Fargo Bank, a subsidiary of Wells Fargo & Company, was fined $185 million for creating phony accounts its customers never asked for.

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