Wells Fargo investors approve executive pay as compliance fixes gain momentum

Nupur Anand

Tue, Apr 29, 2025, 8:35 AM 1 min read

By Nupur Anand

NEW YORK (Reuters) -Wells Fargo shareholders connected Tuesday approved enforcement wage packages and assignment of directors with beardown bulk support.

Most of the institution proposals received implicit 90% shareholders' votes successful favour of the question portion each the shareholder proposals were rejected.

On Tuesday, the slope besides said its committee had authorized a banal buyback programme of up to $40 cardinal which volition instrumentality effect upon the completion of the existent repurchase program.

Wells Fargo has addressed astir each the longstanding regulatory punishments known arsenic consent orders that person kept it nether strict oversight from regulators. On Monday, the lender cleared the sixth consent bid this year, and the 12th since 2019. It has 2 left.

The slope besides operates nether an plus headdress of $1.95 trillion, 1 of the strictest punishments by regulators, which prevents it from increasing its equilibrium expanse beyond that threshold.

The bank's efforts to hole its compliance problems person fed anticipation the plus headdress could soon beryllium removed.

Wells Fargo's nett bushed expectations successful the archetypal 4th arsenic the slope chopped costs and acceptable speech little wealth to screen imaginable indebtedness losses, but absorption warned of risks related to tariffs that could crimp economical growth.

(Reporting by Nupur Anand successful New York, editing by Lananh Nguyen and David Gregorio)