Receiving Wide Coverage ...
All's Wells: Wells Fargo shareholders re-elected all 12 of the bank’s directors, with more than 89% approval, at Tuesday’s annual meeting. Investors also approved the reappointment of KPMG as the bank’s auditor, with more than 91% of the vote, despite the urging of shareholder advisory Glass Lewis to vote against the firm, which has been Wells’ auditor since 1931.
Board Chair Elizabeth Duke defended CEO Timothy Sloan’s performance despite calls from some shareholders for his removal, although she said “the company can perform better.” Wall Street Journal, Financial Times here and here, American Banker
Not for public consumption: The Consumer Financial Protection Bureau is planning to eliminate public access to its complaint database. “I don’t see anything in here that says I have to run a Yelp for financial services sponsored by the federal government,” Acting Director Mick Mulvaney told an American Bankers Association conference, holding up a copy of the 2010 Dodd-Frank Act. Mulvaney says the database includes information that hasn’t been fully scrutinized by the agency. Wall Street Journal, New York Times, American Banker
Difference of opinion: Banking regulators aren’t in complete agreement about weakening the supplementary leverage ratio, which limits how much large banks can borrow and requires them to maintain a certain level of capital, based on their size. “The effort is causing friction among regulators, who broadly agree that some post-crisis rules need to be revised but disagree about how far Washington should go in changing them,” the New York Times reports. “The debate is expected to be the first of many as financial regulators begin changing post-crisis rules through actions that do not require congressional approval.” New York Times, Washington Post
More changes at DB: Deutsche Bank named Frank Kuhnke as its chief operating officer, replacing Kim Hammonds, who is stepping down next month. Kuhnke, who has been with the bank since 1986, will be responsible for the bank’s technology and information security. He reports to newly installed CEO Christian Sewing.
“The modernization of Deutsche Bank’s dated IT, which has been suffering from years of underinvestment and insular platforms, is one of the key projects in the group’s restructuring strategy,” the Financial Times says. Kuhnke’s team “will continue simplifying our bank’s technology and operations, cut costs and strengthen our innovation potential,” Sewing said.
“Tim’s time with the company is an advantage and his commitment to change is unwavering. I think he is the right CEO for Wells Fargo.” — Wells Fargo Board Chair Elizabeth “Betsy” Duke, defending the bank’s CEO Timothy Sloan.