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Wells Fargo’s Chairwoman, Betsy Duke, Resigns Wells Fargo’s Chair, Betsy Duke, Resigns After Critical Report
(32 minutes later)
Wells Fargo announced Monday that its chairwoman, Elizabeth A. Duke, known as Betsy, had resigned. She had been the bank’s chair since January 2018, and a director since 2015. Wells Fargo’s chairwoman, Elizabeth A. Duke, has resigned, the bank announced on Monday, bowing to pressure from Washington ahead of what is likely to be another round of grilling from Congress over its history of deceptive consumer practices.
Ms. Duke was expected to testify before a House committee on Wednesday to answer questions about the bank’s “egregious pattern of consumer abuses,” as the committee put it. She was scheduled to appear alongside James H. Quigley, a Wells Fargo director since 2013, who also resigned, according to a statement from the bank. Ms. Duke, who is known as Betsy, resigned on Sunday. She had been the bank’s chairwoman since January 2018, and a director since 2015. James H. Quigley, a director since 2013, also quit the board.
Both had been focuses of a recent report by the House Financial Services Committee that faulted Wells Fargo directors and executives over their interactions with regulators. The report highlighted a complaint by Ms. Duke that she had been included on messages with regulators about how to improve the bank’s operations.
And the report said that Mr. Quigley had been apprised of communications between a former Wells Fargo chief executive, C. Allen Parker, and Eric Blankenstein, then an official at the Consumer Financial Protection Bureau. Mr. Blankestein had promised “political oversight” of any enforcement actions against the bank.
After the release of the report, the head of the House committee, Representative Maxine Waters, Democrat of California, called on Ms. Duke and Mr. Quigley to resign.
Charles H. Noski will take over as chairman. Mr. Noski joined the board in June 2019.Charles H. Noski will take over as chairman. Mr. Noski joined the board in June 2019.
Wells Fargo’s current chief executive, Charles W. Scharf, is scheduled to testify before the same House committee on Tuesday.
The subject of the hearing, the committee said, is the “next steps for the bank that broke America’s trust.”
This is a developing story. Check back for updates.This is a developing story. Check back for updates.