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Stories of Interest
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
- House Passes Bill to Streamline 'Volcker Rule'
- CEO Charged with Penny Stock Fraud - SEC
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NEWSLETTERS & ALERTS
Showdowns At Two Bank Annual Meetings
This week shareholders are lining up for two annual meetings: Wells Fargo meets on Tuesday in Ponte Vedra Beach, FL; Credit Suisse meets on Friday, presumably in Zurich, SUI. As they say, "This ain't your grandfather's generation anymore."
Wells Fargo Directors. This year's annual meeting will boil down to a referendum on the bank's board of directors. So far, 5,300 employees have lost their jobs over the accounts scandal that began as far back as 2002 but only broke in September 2016. The next group who could lose their jobs are the Wells Fargo directors, who face re-election on Tuesday. Warren Buffet, who holds about 10% of the company's voting shares, has re-affirmed his support for the incumbent directors. However, giant pension funds in California and New York intend to vote against most of the bank's 15 directors.
Credit Suisse Executives. Investors are up-in-arms over bonuses authorized by the Compensation Committee for bank executives and board members. Investors have revolted over Credit Suisse's decision to pay nearly $80 million in bonuses to top executives and to raise board compensation. Since 2015, the bank has incurred losses of about $5.7 billion. [See Financialish, 3/28/17.]