Betsy Duke

Wells Fargo Chair Betsy Duke abruptly resigned Monday, just days after California Rep. Maxine Waters called for her ouster.

Duke’s sudden departure as the bank’s second chair marks the latest turmoil within one of the country’s largest and most troubled banks since a fake-accounts scandal erupted in September 2016. Wells Fargo also announced the resignation of James Quigley, a member of the bank’s audit and risk committees and a director since 2013.

“Out of continued loyalty to Wells Fargo and ongoing commitment to serve our customers and employees, we recommended to our colleagues on the board that we step down from our leadership roles,” Duke and Quigley said in a joint statement. “We believe that our decision will facilitate the bank’s and the new CEO’s ability to turn the page and avoid distraction that could impede the bank’s future progress.”

Duke’s ouster comes after the Waters-led House Financial Services Committee released a scathing report last week that highlighted “problematic” communications of Wells Fargo executives.

Duke and Quigley said Monday that it was their decision to resign, effective Sunday.

Charles Noski, former CFO of Bank of America, will become Wells Fargo’s new chair.

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WI Guest Author

This correspondent is a guest contributor to The Washington Informer.

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