By Nupur Anand
NEW YORK, April 29 (Reuters) - Wells Fargo WFC.N shareholders on Tuesday approved executive pay packages and appointment of directors with strong majority support.
Most of the company proposals received over 90% shareholders' votes in favor of the motion while all the shareholder proposals were rejected.
On Tuesday, the bank also said its board had authorized a stock buyback program of up to $40 billion which will take effect upon the completion of the current repurchase program.
Wells Fargo has addressed almost all the longstanding regulatory punishments known as consent orders that have kept it under strict oversight from regulators. On Monday, the lender cleared the sixth consent order this year, and the 12th since 2019. It has two left.
The bank also operates under an asset cap of $1.95 trillion, one of the strictest punishments by regulators, which prevents it from growing its balance sheet beyond that threshold.
The bank's efforts to fix its compliance problems have fed hope the asset cap could soon be removed.
Wells Fargo's profit beat expectations in the first quarter as the bank cut costs and set aside less money to cover potential loan losses, but management warned of risks related to tariffs that could crimp economic growth.
(Reporting by Nupur Anand in New York, editing by Lananh Nguyen and David Gregorio)
((Nupur.Anand@thomsonreuters.com; +1 646 240 2975;))
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