(Reuters) - Wells Fargo & Co (WFC.N) on Thursday launched an external advisory council tasked with providing insight and stakeholder feedback to the lender’s board of directors and senior management.
The decision comes at a time when the third largest U.S. bank by assets is facing a series of scandals, including the bank’s creation of as many as 3.5 million unauthorized accounts.
In October, a federal judge said current and former Wells Fargo officers and directors, including Chief Executive Tim Sloan, must face nearly all of a lawsuit by shareholders seeking to hold them personally liable for sales abuses.
Many lawsuits have been filed against the San Francisco-based bank, including on behalf of customers, and several top officials, including onetime Chief Executive John Stumpf and retail banking chief Carrie Tolstedt, have left the bank.
The newly-formed Stakeholder Advisory Council will be led by Elizabeth Duke, current Vice Chair of the board. The council will also be attended by Sloan.
Reporting by Roopal Verma in Bengaluru; Editing by Arun Koyyur