Wells Fargo investors approve executive pay and compliance fixes, but management warns of economic risks.

From Yahoo Finance: 2025-04-29 11:35:00

Wells Fargo shareholders approved executive pay and director appointments with strong majority support. The board authorized a $40 billion stock buyback program, equivalent to 17% of the bank’s market capitalization. CEO Charlie Scharf expressed concerns about economic uncertainty and volatility, emphasizing the need for timely resolution of trade barriers. The bank has addressed most regulatory punishments but still operates under a $1.95 trillion asset cap. Wells Fargo’s profit beat expectations in Q1, but management warned of risks related to tariffs impacting economic growth.

Read more: Wells Fargo investors approve executive pay as compliance fixes gain momentum