December 21, 2017 / 7:46 PM / 3 months ago

Wells Fargo launches Stakeholder Advisory Council

(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.

FILE PHOTO: A Wells Fargo branch is seen in the Chicago suburb of Evanston, Illinois, U.S. February 10, 2015. REUTERS/Jim Young/File Photo

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

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