Wells Fargo mostly won praise for its decision to elevate Elizabeth "Betsy" Duke, a former regulator and community banker, as chairman, with many describing her as a strong choice able to navigate the business and policy worlds.

"She knows when you get in the penalty box, what regulators look at and what Wells has to do," said Marty Mosby, a director of bank and equity strategies at Vining Sparks. "She will continue to address the issues and wrap it up in a way that says they will be strict and really focused. Her reputation at the top will create that tone."

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