September 19, 2020

The president of Wells Fargo resigns before appearing before the US Congress.



Wells Fargo announced on Monday the resignation of its president, Elizabeth Duke, an exit that occurs amid criticism for the management of the entity and just a few days before she had to appear before the US Congress.

Duke, who has held the position since January 2018, will be replaced by Charles Noski, a former Bank of America executive who joined the Board in mid-2019.

Along with Duke, James Quigley, another member of the Board who had to appear next to her on Wednesday before the Financial Services Commission of Congress, who is investigating the company after the scandal over his fraudulent accounts, also resigned.

In February, Wells Fargo agreed to pay $ 3 billion and admit irregularities to resolve criminal and civil investigations in this case, in which it was discovered that for years its employees had created millions of false accounts without customer authorization to comply with the sales quotas

Last week, a report from Congress was very critical of the entity’s management and Maxine Waters, the Democratic legislator who chairs the Financial Services commission, had called for the resignation of Duke and Quigley.

According to several US media, it was expected that this week, congressmen from both parties would continue to increase pressure on managers.

“Since we learned about the heinous damage suffered by Wells Fargo customers, we have been determined to do the right thing and strengthen the culture and controls at the bank. We have made those our top priorities,” Duke and Quigley said in a statement.

As they defended, their departure will facilitate the capacity of the entity, the fourth bank of the United States for assets, to “turn the page” and “avoid a distraction that could slow the progress of the bank.”

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