The Latest: Wells Fargo executives apologize to shareholders


              FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank in Oakland, Calif. On Tuesday, April 25, 2017, Wells Fargo’s top management and board of directors will face irritated investors for the bank’s first big shareholder meeting since the scandal over its sales practices led to an executive shake-up, fines and a dented reputation. (AP Photo/Ben Margot, File)
FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank in Oakland, Calif. On Tuesday, April 25, 2017, Wells Fargo’s top management and board of directors will face irritated investors for the bank’s first big shareholder meeting since the scandal over its sales practices led to an executive shake-up, fines and a dented reputation. (AP Photo/Ben Margot, File)

PONTE VEDRA BEACH, Fla. (AP) - The Latest on Wells Fargo's annual meeting after a scandal over the bank's sales practices (all times local):

10:10 a.m.

The chairman of Wells Fargo's board of directors and its CEO are apologizing to shareholders after a scandal over sales practices.

Chairman Stephen Sanger said, "We are deeply sorry," as he addressed shareholders at the bank's annual shareholders meeting Tuesday. And CEO Tim Sloan calls it "unacceptable."

A big item at the meeting will be whether shareholders oust the board. Two major proxy advisory firms have advised shareholders to vote out at least some of the directors.

Regulators imposed $185 million in fines last September, saying Wells Fargo workers opened up to 2 million accounts without customer permission as employees tried to meet aggressive sales goals. The bank has changed its sales practices and apologized to customers.

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12:01 a.m.

Wells Fargo's top management and board of directors will face irritated investors for the first big shareholder meeting since the scandal over the bank's sales practices.

The scandal led to an executive shake-up, fines and a dented reputation. Authorities said Wells Fargo workers opened up to 2 million accounts without customer permission as employees tried to meet aggressive sales goals.

It's likely that Wells Fargo's top management will apologize to shareholders. The big item to watch Tuesday will be whether Wells Fargo shareholders oust the board. Two major proxy advisory firms have advised shareholders to vote out at least some of the directors.

Wells Fargo's executives are also expected to face calls for their ouster. Shareholder proposals call for an overhaul of the bank's corporate governance.

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