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Stories of Interest
- Stephen Hicks Barred for Defrauding His CT Hedge Funds - SEC
- Barclays CEO Staley Sees Pay Decline - Frankly, He's Lucky to Still be Employed
- Barclays Female Investment Bankers Earn 21% Less in Bonuses than Male Counterparts
- FINRA Eliminates $400 Fee for Explained Arbitration Decision
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
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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.]