San Francisco Chronicle

Angry outcry at bank summit

S.F. protesters disrupt Wells Fargo meeting celebratin­g record profit

- By Carolyn Jones, Vivian Ho, Jill Tucker and Kevin Fagan

Protesters enraged about the country’s economic miasma disrupted Wells Fargo’s annual summit Tuesday, as shareholde­rs celebrated the bank’s record profit and awarded its chief executive a pay package of nearly $20 million.

Hundreds of activists — including union members, Occupy activists and people whose homes have been foreclosed — surrounded the Merchants Exchange Building in downtown San Francisco, where about 250 shareholde­rs gathered on the 15th floor to hear details of the bank’s 28 percent profit increase last year.

Shareholde­rs meetings are seldom tense affairs, but people attending this one had to pass through metal detectors and several layers of security. Afterward, San Francisco police ordered them to stay inside the chandelier-laden Julia Morgan Ballroom for 45 minutes as protesters outside dispersed.

Fifteen protesters, allowed into the meeting because they own stock in Wells Fargo, shouted over CEO John Stumpf as he presented a Powerpoint slide show about the bank’s $15.9 billion profit last year.

Police escorted out the protesters, who were cited for disrupting the meeting and released.

The session ended in about 40 minutes. Among other actions, shareholde­rs approved a compensati­on package for Stumpf of $19.8 million in salary, stock and other incentives, a decrease of about $1 million from last year.

“The bank is pleased with the progress we’ve made in a tough economy,” said bank Vice President Oscar Suris. “We’ll continue focusing on our customers, and that includes our customers who are going through difficult economic times.”

Generous actions

Wells Fargo, one of the largest banks in the world, is also among the most generous, spokeswoma­n Holly Rockwood said. The bank has modified more than 740,000 home mortgages and forgiven about $4 billion in principal since 2009, she said.

It’s also among the top corporate charity donors, she said. In 2011, Wells Fargo gave $19.6 million to nonprofits in the Bay Area, she said.

It was the bank’s involvemen­t in foreclosur­es, however, that brought hundreds of protesters to the meeting, held across California Street from the bank’s corporate headquarte­rs. The demonstrat­ors came from a variety of labor, Occupy and other protest groups from all over the Bay Area. Some came from as far away as Minnesota.

They filled the air with lively chants, led by people using loudspeake­rs set up on a flatbed truck alongside an 8-foot-high, inflated rat smoking a cigar. A protester-built, 10-foot-high mockup of Wells Fargo’s signature stagecoach stood in the street, covered with slogans denouncing the bank.

9 arrested outside

Nine protesters were arrested outside the building on charges including trespassin­g and resisting arrest, said police spokesman Sgt. Michael Andraychak. All were cited and released except for two, who were booked on charges of attempting to hit sheriff’s deputies, he said.

Dozens of officers from the San Francisco sheriff’s and police department­s monitored the protest, along with California Highway Patrol officers in an overhead helicopter.

The Rev. Gloria Del Castillo of San Francisco said she was joining the protest not just as a religious leader, but as someone going through a foreclosur­e herself.

“After banking with Wells Fargo for decades and having a great credit score, I asked them for a loan modificati­on so I could stay in my home,” she said. “Wells Fargo denied it.”

Praying for bankers

She said she was praying for the bank’s shareholde­rs and executive officers.

“What affects one affects us all,” Del Castillo said. “If we don’t act like that, we will all suffer.”

Rick Flicek, 51, stood alongside the stagecoach mockup and called the bankers “predatory lenders.”

“A lot of people getting foreclosed on are getting double-trapped,” he said. “One department is saying, ‘Work with us, work with us,’ but by the time you’re done with all the paperwork, you’ve already lost your home.”

Wells Fargo was prepared for the protests, with heavy security and an army of staff to help shareholde­rs and other visitors.

“We respect this country’s great tradition of allowing people to peacefully express their dissent,” Suris said. “But I think we can get a lot more done through collaborat­ion than through confrontat­ion.”

 ?? Brant Ward / The Chronicle ?? Alice Pangburn stands in the way of a Wells Fargo shareholde­r trying to get in the front door of the bank’s annual meeting as hundreds of activists, including Occupy protesters, union members and people who have lost their homes to foreclosur­e,...
Brant Ward / The Chronicle Alice Pangburn stands in the way of a Wells Fargo shareholde­r trying to get in the front door of the bank’s annual meeting as hundreds of activists, including Occupy protesters, union members and people who have lost their homes to foreclosur­e,...

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