Wells Fargo board not changing quickly enough: NYC Comptroller

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Wells Fargo & Co needs to work more quickly to remake its board of directors following a sales scandal and public rebuke at the bank’s annual meeting in April, New York City Comptroller Scott Stringer said.

Wells Fargo last September settled with three regulators after revelations that branch staff set up as many as 2.1 million accounts without customer authorization in order to hit sales targets. Since then, the bank has replaced its CEO and other top executives have either resigned or been fired.

The bank has been hit with several regulatory inquiries and lawsuits.

“The extent of fraud at Wells Fargo was stunning,” Stringer said in a statement sent to Reuters on Thursday. “Executives have been held responsible — but now directors must answer for their part… This board needs to be refreshed — today.”

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