Ex-Denver Mayor Peña faces heat in Wells Fargo scandal

DENVER BUSINESS JOURNAL - Former Denver Mayor Federico Peña's oversight role on the board at Wells Fargo & Co. has come up in the controversy enveloping Colorado's biggest bank over the creation of millions of phony customer accounts by employees faced with meeting sales goals.

Peña -- also a two-time Cabinet secretary in the administration of former President Bill Clinton and today a senior advisor at New York-based Vestar Capital Partners -- is a board member at San Francisco-based Wells (NYSE: WFC), and has served for the last few months as head of the board's Corporate Responsibility Committee.

Mike Mayo, an analyst at brokerage and investment group CLSA who follows Wells Fargo, says the bank "should institute ... changes to its board for the head of the Corporate Responsibility Committee (Federico Peña)," among other reforms.

“That was a big miss,” Fortune magazine's website quotes Mayo as saying. “This is not the way boards are supposed to work."

Read more at the Denver Business Journal: http://bit.ly/2d1XWoi

Copyright 2016 Denver Business Journal


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