Wells Fargo shareholders call for a new, broader probe into the bank’s accounts scandal

Groups of Wells Fargo investors are calling on the bank to prepare a detailed report about what led to its sales-practices scandal. A San Francisco banking advocacy group, several religious organizations and a Rhode Island pension fund want Wells Fargo to provide a broader accounting of what led to widespread fraud in the bank’s sales practices. The groups, all Wells Fargo shareholders, plan to ask fellow shareholders to vote for the production of a comprehensive report “on the root causes of the fraudulent activity” and the steps the bank has taken to address the problems, according to the bank’s annual proxy statement, filed Wednesday. The shareholders calling for the report include the Sisters of St. Francis of Philadelphia, the Board of Pensions of the Presbyterian Church and other religious organizations — as well as Rhode Island’s state pension fund, investment firm Boston Trust and the California Reinvestment Coalition, a group that advocates for more lending and bank services in minority and low-income neighborhoods. In Wednesday’s filing, the bank’s board advised shareholders to vote against the proposal, saying the bank has already taken steps to explain what happened and prevent future scandals.