When Wells Fargo shareholders met in April of 2016, they mostly discussed how great everything was. America's nicest and most trusted bank was beloved by its customers and took pride in the fact that it never acted shady like those other big banks out in New York City.
This year...not so much.
Since April, Wells Fargo has set fire to its own reputation and turned over its leadership. The bank has paid out almost $330 million in settlements so far and it has become synonymous with all bad behavior in the industry. Clearly, Wells Fargo shareholders are less than thrilled. So the bank's directors better be running scared, right?
Wells Fargo & Co.’s shareholders are expected to re-elect all of the bank’s directors in a pitched contest over the board that resulted from last fall’s sales-practices scandal, according to people familiar with the matter. But levels of support for some directors are likely to be uncomfortably low, sending a message to the bank that shareholders seek further change at the bank.
Well, one could argue that re-election to Wells Fargo's board is also a sentence to Wells Fargo's board. And based on how things are going in the actual room in Florida where the meeting is being held as we write this, it seems like being a Wells Fargo director is going to mean being yelled at a lot going forward:
When the meeting came out of recess, things got back to normal, and by "normal" we mean three more angry shareholder outbursts and an impassioned plea by a Native American community leader to stop Wells Fargo from colluding to destroy tribal lands.
Yet, again, it seems like a stone certainty that Wells Fargo's directors will be re-elected within the next few hours. And when you look at the stock performance of the big banks since the last Wells Fargo shareholder meeting, you can see that maybe Wells' shareholders are hoping that one of the other three steps in a shit pile as deep as the one The Stagecoach just rolled through...
All Wells has to do is get through the wackiest fucking shareholder meeting in the history of modern banking.