Wells Fargo chieftains quit after fake-account scam fallout

(MARKETWATCH) — Elizabeth Duke has resigned as chairman of Wells Fargo WFC, -12.42% & Co.’s board of directors, days before she was set to testify at a congressional hearing on the continuing fallout from the bank’s 2016 fake-account scandal.

James Quigley also resigned from the board. Charles Noski, who joined the board in June 2019, will serve as chairman. Mr. Noski is a retired vice chairman and former chief financial officer of Bank of America Corp.

Ms. Duke and Mr. Quigley were set to testify before the House Financial Services Committee on Wednesday. Democrats and Republicans on the committee last week each released lengthy reports criticizing the bank’s efforts to clean up after the sales scandal. Maxine Waters, the California Democrat who chairs the committee, called on them to step down.

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