Wells Fargo & Co. amended its by-laws to require the separation of the chairman and CEO roles in the wake of the scandal involving fraudulent sales practices that led to $185 million in fines this fall.
The San Francisco-based mega bank,the Philadelphia region’s largest deposit taker, said its board approved the degree, or effective immediately,on Nov. 29. It also calls for the chairman and vice chairman of the board to serve as independent advisors.
Wells Fargo (NYSE: WFC) has been under pressure…
Source: bizjournals.com