Employment of Four Current or Former Community Banking Senior Managers Terminated
Independent Investigation is Ongoing; Findings Expected Before 2017 Annual Meeting
Wells Fargo & Company (NYSE:WFC) today announced employment terminations
based on its Board of Directors’ ongoing independent investigation into
the Company’s retail banking sales practices and related matters.
Four current or former senior managers in Community Banking have been
terminated by the Company for cause by a unanimous vote of the Board:
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Claudia Russ Anderson – Former Community Bank Chief Risk Officer
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Pamela Conboy – Arizona Lead Regional President
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Shelley Freeman – Former Los Angeles Regional President (now head of
Consumer Credit Solutions)
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Matthew Raphaelson – Head of Community Bank Strategy and Initiatives
None of these executives will receive a bonus for 2016 and they will
forfeit all of their unvested equity awards and vested outstanding
options.
The Board’s independent investigation is ongoing. The investigation is
expected to be completed before the Company’s April 2017 annual meeting
of stockholders and its findings and any additional actions will be made
public by that time.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based
financial services company with $1.9 trillion in assets. Founded in 1852
and headquartered in San Francisco, Wells Fargo provides banking,
insurance, investments, mortgage, and consumer and commercial finance
through more than 8,600 locations, 13,000 ATMs, the internet
(wellsfargo.com) and mobile banking, and has offices in 42 countries and
territories to support customers who conduct business in the global
economy. With approximately 269,000 team members, Wells Fargo serves one
in three households in the United States. Wells Fargo & Company was
ranked No. 27 on Fortune’s 2016 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy our customers’
financial needs and help them succeed financially.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future
financial performance and business. Because forward-looking statements
are based on our current expectations and assumptions regarding the
future, they are subject to inherent risks and uncertainties. Do not
unduly rely on forward-looking statements as actual results could differ
materially from expectations. Forward-looking statements speak only as
of the date made, and we do not undertake to update them to reflect
changes or events that occur after that date. For information about
factors that could cause actual results to differ materially from our
expectations, refer to our reports filed with the Securities and
Exchange Commission, including the discussion under “Risk Factors” in
our Annual Report on Form 10-K for the year ended December 31, 2015, as
filed with the Securities and Exchange Commission and available on its
website at www.sec.gov.