Despite the noisy protests of “Occupy” protesters on California street between the Merchants Exchange and Wells Fargo’s world headquarters, Wells CEO & Chairman John Stumpf presided over a largely positive annual shareholders meeting in the Julia Morgan Ballroom.
As the raucous crowd chanted and churned outside, 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.
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.