April 17 Wells Fargo & Co Chief
Executive Tim Sloan and Chairman Stephen Sanger together bought
nearly 100,000 shares of the company's stock as the bank tries
to bounce back from a sales scandal that tarnished its
once-spotless image as an industry leader.
Sanger, who led an internal inquiry after the third-largest
U.S. bank said it had opened as many as two million unauthorized
customer accounts, acquired 58,342 shares, according to a
regulatory filing on Monday.
Sloan, who became CEO after the scandal led to the
resignation of his predecessor, John Stumpf, bought 39,000
A Wells Fargo spokesman said the bank and Sloan had no
immediate comment. Sard Verbinnen, a public relations firm which
represents the Wells Fargo board of directors, did not
immediately respond to inquiries.
Wells Fargo shares were up 1.31 percent to $52.03.
The bank, which reported earnings last week, faces what is
expected to be a contentious shareholder meeting on April 25
after proxy advisor Glass Lewis recommended votes against six
Wells Fargo directors and Institutional Shareholder Services
said votes against 12 of 15 directors were warranted.
(Reporting by Dan Freed in New York; Editing by Meredith