Re-election of Wells Fargo directors hardly an affirmation

Mortgage

PONTE VEDRA BEACH, Fla. — An expected investor revolt at Wells Fargo’s annual meeting fell short of its goal Tuesday as shareholders voted to re-elect 12 board members and elect three more nominated by the company.

Still, several prominent members of the board, including Chairman Stephen Sanger, retained their seats by the narrowest of margins, leading to speculation that some directors may choose to voluntarily resign rather than face the continued wrath of investors still angered by a phony-accounts scandal that has severely damaged Wells Fargo’s reputation.

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