WELLS FARGO HAS SOME EXPLAINING TO DO
Wells Fargo has a lot of explaining to do. The bank, once the largest bank in the US by market cap, and its CEO, John Stumpf, have been raked over the coals following the revelation that 2 million accounts were opened without customers' knowledge from 2011 to 2015. According to Mike Mayo, a banking analyst at CLSA, even after Stumpf's testimony on Capitol Hill, there are still some important questions the bank has to answer. "Shareholders have a right to know what will be done to the pay of top executives, to the composition of the board, and for impacted customers," Mayo said in a note to clients.