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As Wells Fargo’s woes mount, its board may be on the firing line

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A sign is posted in front of a Wells Fargo bank in Oakland, California.

Ongoing wrongdoing at Wells Fargo could claim its board of directors, according to new research.

While such steps have a “checkered history,” and regulators may be wary, they have been able to remove managers or entire boards in “particularly egregious cases,” in the past, analysts at S&P Global Market Intelligence wrote, and such a step may resonate now, “especially considering the recent rise of populist anger.”

The woes at Wells Fargo WFC, +1.03% first came to light last year, when regulators led by the Consumer Financial Protection Bureau fined the bank $185 million for improperly opening about 2 million bank and credit card accounts without customers’ knowledge or approval.

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