(Adds quote from Fink)
CHICAGO, April 28 BlackRock Inc Chief
Executive Officer Larry Fink said on Friday he is a "big
believer" in Wells Fargo & Co Chief Executive Tim Sloan
and that the scandal-hit bank is now on a good path.
The world's largest asset manager is Wells Fargo's
fourth-biggest shareholder, owning a 3.65 percent stake as of
its latest filing at the end of 2016.
Wells Fargo's board faced a contentious annual meeting on
Tuesday in which Sloan and Chairman Steve Sanger were repeatedly
interrupted by small shareholders criticizing their oversight of
the bank, where low-level employees struggling to hit aggressive
sales targets signed up customers for as many as 2.1 million
accounts without their authorization.
According to Wells Fargo's final tally released on Friday,
just three board members received more than 90 percent of
shareholder support, and four directors, including Sanger, got
less than 60 percent.
Sloan, however, a long-time Wells Fargo executive who became
CEO after predecessor John Stumpf resigned in October, received
99 percent support.
"I'm a big believer in Tim Sloan. I actually had lunch with
him this week, and I think Wells Fargo's on a good, new path,"
said Fink, speaking at the Morningstar Investment Conference in
(Reporting by Trevor Hunnicutt in Chicago; Writing by Dan
Freed; Editing by Chizu Nomiyama and Meredith Mazzilli)