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Stories of Interest
- White House Now Doesn’t Dispute Details of Trump's Call with Army Widow
- Goldman Sachs’ Lloyd Blankfein Just Threw Some Serious Brexit Shade
- Guggenheim Partners ‘Bank Wrecker’ Could Get $100Mn Exit Package
- Proposed Arbitration Rule Change: For Customers Dealing with an Inactive Firm or Associated Person
- This Family Bet It All on Bitcoin
- Clearinghouses Pass CFTC Liquidity Stress Tests
- President Trump Admits He’s Trying to Kill Obamacare. That’s Illegal.
- Trump Plunges Down List of ‘America’s Richest’
- Is Trump’s “Foreclosure King” in Over His Head?
- FBI Arrests NCAA Basketball Coaches and Adidas Rep in Bribery Probe Involving Recruitment
- Equifax CEO Steps Down Amid Hacking Scandal
- Litigation Costs to Rub Salt in RBS Investor Wounds
- RIAs Poised to Land Wirehouse Recruits - Dan Jamieson
- Citibank and U.K. Affiliate to Pay $550K Penalty for Swap Data Reporting Violations - CFTC
- AIG to Restructure into 3 New Units, Marking CEO's First Big Move
- Accounting Firm Deloitte Says It Suffered Cyberattack (subsc reqd)
- Upcoming FINRA Board Meeting and FINRA360 Update
- Elizabeth Warren Lifts Hold on Trump DOJ Antitrust Nominee
- Bigger Mergers Narrow Indy Reps' Options, Alter IBD Channel - Dan Jamieson
- Dentons to Merge with U.K.'s Murray & Spens
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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.]