Religious investors lose faith in Wells Fargo after scandal

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Religious investors lose faith in Wells Fargo after scandal

Religious investors lose faith in Wells Fargo after scandal

Reuters-

A group of nuns and other religiously-affiliated investors have lost faith in embattled Wells Fargo & Co and filed a shareholder resolution calling on the bank to report on the root causes of a fake accounts scandal that led to a $190 million settlement struck with regulators last month.

The faith-based investors say they also want the report to cover improved controls after revelations bank employees opened as many as 2 million checking, savings and credit card accounts without the customers’ permission in order to meet sales quotas.

The resolution resembles one the Sisters of St Francis of Philadelphia and others filed for the bank’s 2014 annual meeting and then withdrew, on the understanding the San Francisco-based bank would provide more specifics on areas like its risk controls.

[Reuters]

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