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Latest Wells Fargo suit claims bank bilked mom-and-pop businesses, as bank mulls changes to board

Embattled San Francisco bank Wells Fargo will likely see its nonexecutive chairman step down by Labor Day, Dow Jones reported Thursday, as the bank was hit with a lawsuit alleging it overcharged small businesses.

The Wall Street Journal cited people familiar with the matter as saying that Stephen Sanger will step down as chairman as the bank restructures its board of directors and reviews its practices and composition, which the bank said in a filing last week is “expected to result in actions in…

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This article was syndicated from: Sacramento Business News - Local Sacramento News | The Sacramento Business Journal - Click here to read the original article