Wells Fargo names new Chair of Board

New York: Wells Fargo announced that it promoted Elizabeth Duke to chair its board of directors as it tries to correct course after a fake accounts scandal the continues to roil the banking giant. Duke, 65, a former member of the Federal Reserve Board, joined the Wells Fargo board in 2015 and became vice chair in 2016. She will take over in January from current Chair Stephen Sanger. The transition was part of a series of board changes that also included the departure of two other board members, Cynthia Mulligan and Susan Swenson and addition of Juan Pujadas, a retired principal of PricewaterhouseCoopers. — AFP