California State Treasurer John Chiang called Tuesday for the ouster of Wells Fargo’s CEO at the company’s heated annual shareholder meeting in Des Moines, Iowa.
“Time has proven Mr. Sloan cannot drain the swamp. He has become it,” said Chiang, a candidate for governor who has been critical of the bank since a sales scandal first erupted in 2016. “It is time for him to go.”
Wells Fargo is hearing from frustrated shareholders at Tuesday’s meeting after a year of regulatory black eyes. Sloan has repeatedly said the bank is taking steps to fix its problems and has said he is the right person for the job.
The meeting, which started at 11 a.m. Eastern time, comes less than a week after Wells Fargo agreed to pay two regulators a combined $1 billion to settle claims the bank mistreated auto-loan and mortgage customers.
The afternoon’s latest local news
Charlotte, North Carolina based Wachovia was sold to Wells Fargo 10 years ago at the peak of the 2008 economic recession. With the major banking business now facing its own financial struggles, people wonder if Wachovia could have survived. Diedra Laird and Rick Rothacker
Shareholders are voting on a variety of proposals Tuesday, including one to approve executive compensation and another to approve the San Francisco-based bank’s longtime auditor. One prominent firm that advises shareholders is urging investors to oppose the auditor, KPMG, in light of the 2016 scandal.
Demonstrations are planned in or around the downtown Marriott in Des Moines, Bloomberg reported.
Wells Fargo critics have also planned demonstrations for Tuesday morning in uptown Charlotte.
Communications Workers of America and other groups said they planned to hold a rally outside Three Wells Fargo Center to demand that Wells Fargo stop offshoring jobs.