Betsy Duke | |
|---|---|
 | |
| Member of theFederal Reserve Board of Governors | |
| In office August 5, 2008 – August 31, 2013 | |
| President | George W. Bush Barack Obama |
| Preceded by | Susan Bies |
| Succeeded by | Lael Brainard |
| Personal details | |
| Born | Elizabeth Ashburn Duke (1952-07-23)July 23, 1952 (age 73) Portsmouth, Virginia, U.S. |
| Political party | Independent |
| Education | North Carolina State University University of North Carolina, Chapel Hill (BFA) Old Dominion University (MBA) |
Betsy Duke (bornElizabeth Ashburn Duke; July 23, 1952)[1] is an American bank executive who served as a member of theFederal Reserve Board of Governors from 2008 to 2013. Duke was confirmed by theSenate to fill an unexpired term ending January 31, 2012. She was the seventh woman to be appointed to the board. In July 2013, she announced her resignation from the board.
On January 1, 2018, she became the Chair of the Board of Directors ofWells Fargo, having served as Vice-Chair from October 12, 2016.[2][3]
Elizabeth Ashburn Duke was born inPortsmouth, Virginia, and grew up inVirginia Beach, Virginia. She first studied physics atNorth Carolina State University before transferring to theUniversity of North Carolina at Chapel Hill, where she graduated with a bachelor of fine arts in drama in 1974. She later graduated with an M.B.A. fromOld Dominion University.[4] After graduating, she worked as a part-time teller at First and Merchants National Bank in Virginia Beach because she "needed a job."[5]
In 1977, Duke became the vice president and chief financial officer of the Bank of Virginia Beach. While working full-time, she attendedOld Dominion University part-time and received herMBA in 1983. She transferred to the Bank of Tidewater in 1985 as vice president and chief financial officer. She became its president in 1987 and chief executive officer in 1991. She was selected as a director of the Federal Reserve Bank of Richmond in 1998. In 1999, she was elected president of the Virginia Bankers Association.
Duke remained as president and CEO of Bank of Tidewater until it was acquired bySouthTrust in 2001. SouthTrust made her executive vice president of community bank development. WhenWachovia acquired SouthTrust in 2004, Duke remained an executive VP, but in charge of the merger project office.
She was elected chairman of theAmerican Bankers Association for the 2004-05 year. In 2005, she became senior executive vice president and chief operating officer ofTowneBank. She was nominated to the Board of Governors of the Federal Reserve by PresidentGeorge W. Bush on May 15, 2007. On July 11, 2013, Duke announced her resignation from the Board of Governors of the Federal Reserve effective August 31, 2013.[6]
Duke was elected Vice Chair of Wells Fargo's Board of Directors in October 2016. On August 15, 2017, Duke was elected to succeed Wells Fargo current chairman, Stephen Sanger, on January 1, 2018, making the former Federal Reserve governor the first woman to hold the top board role at one of the nation's largest banks.
Duke, then the chairwoman ofWells Fargo's board, resigned on Sunday March 8, 2020, under pressure from lawmakers and following a criticalHouse Financial Services Committee report. James H. Quigley, another director, also stepped down. The report accused both of complacency in addressing the bank's deceptive sales practices, which included opening fake accounts and charging unnecessary fees. These practices resulted in billions in fines and ongoing federal restrictions. This later became known as theWells Fargo cross-selling scandal.[7]
The report highlighted Duke's reluctance to engage with regulators and Quigley's involvement in seeking leniency from theConsumer Financial Protection Bureau. The resignations, prompted by criticism from lawmakers like Representative Maxine Waters, wereseen as steps toward reforming the bank's troubled culture.
Wells Fargo, embroiled in scandals since 2016, has faced leadership turnover, regulatory scrutiny, and substantial fines, including a $3 billion settlement in February 2020.[8]
| Government offices | ||
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| Preceded by | Member of theFederal Reserve Board of Governors 2008–2013 | Succeeded by |