Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Wells Fargo & Co    WFC

Delayed Quote. Delayed  - 12/06 10:00:26 pm
55.55 USD   +2.21%
02:48a WELLS FARGO EXP : Ceo
12/06DJWELLS FARGO : CEO Expects Scandal Fallout to Cost Tens of Millions o..
12/06 OPENING BELL : 12.6.16
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Protesters picket Wells Fargo meeting, 24 arrested

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/25/2012 | 12:56am CET

Police in riot gear arrested two dozen people on Tuesday as protesters with a huge inflated rat sought to disrupt a Wells Fargo & Co (>> Wells Fargo & Company) annual shareholder meeting to express anger over foreclosures, executive compensation and corporate taxes.

Police in riot gear arrested two dozen people on Tuesday as protesters with a huge inflated rat sought to disrupt a Wells Fargo & Co (>> Wells Fargo & Company) annual shareholder meeting to express anger over foreclosures, executive compensation and corporate taxes.

Several of those arrested were handcuffed and taken away in police vans as hundreds more chanted and waved signs outside the meeting in a building across from the bank's San Francisco headquarters.

"Wells Fargo is one of the largest and most corrupt Wall Street banks and has foreclosed on hundreds of thousands of homes," said Charles Davidson, an organizer with Move On East Bay. "I think it's really important that we stand up to this or the economic crisis will continue."

Protesters gathered on a street corner near an inflated rat that had dollar bills coming from side pockets. They held signs that read: "99 percent take over, topple the 1 percent" and "Up with the people, down with the bankers."

Police said there were more than 500 protesters and confirmed 24 arrests, including 14 people who were removed from the meeting.

Activist groups are targeting corporate stockholder meetings this spring to draw attention to economic disparity in the United States and to promote a variety of other causes.

A group called 99% Power, a reference to those not among the top 1 percent of earners, has said it plans actions at 36 shareholder meetings, starting with Wells Fargo.

The group said it was demanding that Wells Fargo Chief Executive John Stumpf resign and that the bank halt foreclosures pending investigation and reform.

Wells Fargo has emerged from the financial crisis as one of the healthier U.S. banks and it has expanded across the United States after buying North Carolina-based Wachovia Corp in 2008.

The bank is the largest U.S. mortgage originator and servicer, making it a target for protesters who say lenders have poorly treated struggling borrowers. Wells was one of five big lenders to agree this year to a $25 billion national mortgage settlement over foreclosure abuses.

Inside the shareholder meeting, Stumpf highlighted the bank's efforts to work with struggling homeowners, including 740,000 loan modifications and more than $4 billion in forgiven loan balances. But he acknowledged the pain of homeowners who have lost their homes.

"We did not help everyone," he said. "We could not help everyone. In some cases, we cannot avoid that."

The meeting began on time, but protesters interrupted the proceedings multiple times, causing police to remove them.

During the meeting, shareholders ratified the bank's 2011 executive compensation plan by an overwhelming margin, elected the bank's slate of directors and rejected four shareholder resolutions.

Last week, shareholders delivered a rebuke to Citigroup Inc's (>> Citigroup Inc.) management with a surprising vote of no confidence in the bank's executive compensation plan.

At the Wells meeting, more than 96 percent of shares cast were in favor of the bank's pay plan. Stumpf received $19.8 million in total compensation in 2011, an increase of about 5 percent from the previous year. Citigroup CEO Vikram Pandit's pay rose to $14.8 million in 2011, up from a token $1 the year before.

Among the shareholder resolutions, a proposal to split the chairman and CEO roles held by Stumpf received the most support, about 38 percent of votes cast. Last year, resolutions to split the positions garnered an average of 33 percent of votes cast at shareholder meetings, according to ISS Proxy Advisory Services, one of two advisory firms that had backed the Wells Fargo proposal.

The meeting ended after an hour and a half and no questions from the audience.

"This is a first," Stumpf said.

After the meeting, some protesters marched one block away to stop in front of building where Bank of America Corp (>> Bank of America Corp) is a tenant. Those who were arrested celebrated outside Wells Fargo's headquarters building, across the street from the shareholder meeting.

"We made it very clear to shareholders and John Stumpf that we will not keep quiet while they hurt our communities with their bad business practices," said Veronica Castro, 30, campaign director, National People's Action and one of the 14 arrested inside the meeting. "We've tried to negotiate and communicate, but they haven't been responsive and that's why we came here."

(Additional reporting by Malathi Nayak; Writing by Dan Whitcomb; editing by Andre Grenon)

By Rick Rothacker and Malathi Nayak

Stocks treated in this article : Bank of America Corp, Citigroup Inc., Wells Fargo & Company
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on WELLS FARGO & CO
02:48a WELLS FARGO EXPECTS SHORT TERM PROFI : Ceo
12/06DJWELLS FARGO : CEO Expects Scandal Fallout to Cost Tens of Millions of Dollars
12/06 OPENING BELL : 12.6.16
12/06DJWELLS FARGO : CEO Expects Scandal Fallout to Cost Tens of Millions of Dollars
12/06 WELLS FARGO : Covered Call reports for Tesla Motors, Nike, NETGEAR Inc., Chenier..
12/06 WELLS FARGO : Mastercard and Wells Fargo Make Sending and Receiving Money Faster..
12/05 WELLS FARGO & COMPANY/MN : Change in Directors or Principal Officers (form 8-K)
12/05 WELLS FARGO : Real Estate Investment Corporation Declares Dividend on Series A P..
12/02 WELLS FARGO : Names John Ritacco as Middle Market Banking Advisor to Build Comme..
12/02 WELLS FARGO : job split is official Wells Fargo makes official splitting chairma..
More news
Sector news : Banks - NEC
03:06aDJCHINA MINSHENG BANKING : Selling U.S. Dollar Offshore Preference Shares to Yield..
12/06DJBANK OF AMERICA : Tellers, Others to Get Pay Increase
12/06 EXCLUSIVE : Italy preparing to take controlling stake in Monte dei Paschi - sour..
12/06DJNVIDIA : Court Backs Prosecutors Over Family Tips in Insider-Trading Cases
12/06DJHeads of J.P. Morgan, Bank of America Say FICC Stronger
More sector news : Banks - NEC
News from SeekingAlpha
12/06 Buy any dip in bank stocks - Morgan Stanley
12/06 Wells Fargo & Company's (WFC) CEO Presents at Goldman Sachs US Financial Serv..
12/06 WELLS FARGO : What's Your Preference?
12/06 goldman-conference
12/06 Wells' Sloan defends cross-selling
Advertisement
Financials ($)
Sales 2016 89 139 M
EBIT 2016 34 965 M
Net income 2016 20 593 M
Debt 2016 -
Yield 2016 2,73%
P/E ratio 2016 13,79
P/E ratio 2017 13,60
Capi. / Sales 2016 3,13x
Capi. / Sales 2017 3,05x
Capitalization 278 989 M
More Financials
Chart WELLS FARGO & CO
Duration : Period :
Wells Fargo & Co Technical Analysis Chart | WFC | US9497461015 | 4-Traders
Full-screen chart
Technical analysis trends WELLS FARGO & CO
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 34
Average target price 53,4 $
Spread / Average Target -3,8%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Timothy J. Sloan President, Chief Executive Officer & Director
Stephen W. Sanger Non-Executive Chairman
Avid Modjtabai Senior EVP-Consumer Lending & Operations
John R. Shrewsberry Chief Financial Officer & Senior Executive VP
Scott Dillon Chief Technology Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
WELLS FARGO & CO2.19%278 989
JPMORGAN CHASE & CO.26.75%299 465
INDUSTRIAL AND COML BA..-1.31%231 569
BANK OF AMERICA CORP31.67%223 928
CHINA CONSTRUCTION BAN..-2.25%188 270
CITIGROUP INC11.92%165 056
More Results