Wells Fargo likely to appoint former community banker to head board

Betsy Duke, a former Federal Reserve official and community banker from Virginia, is likely to become chairwoman of the board of Wells Fargo & Co (WFC.N), investors, analysts and two people with knowledge of board discussions told Reuters.

On Thursday, the Wall Street Journal reported that current Chairman Stephen Sanger will step down by early September, with Duke likely to take over as chairwoman.

Wells, the third largest U.S. lender by assets, has been wracked by a sales scandal that has grown beyond millions of unauthorized accounts disclosed nearly a year ago, to other harm to depositors and borrowers.

Investors have agitated for new leadership at the bank’s board since an annual meeting in April where investors offered relatively little support for Sanger and other directors.

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