Wells Fargo CEO, chairman buy $5 million of stock after review

Wells Fargo & Co. Chief Executive Officer Tim Sloan and Chairman Stephen Sanger bought more than $5 million of the company’s stock a week after the board published a report into its bogus account scandal to help rebuild investor confidence.

Sloan purchased just over $2 million of shares on Monday, while Sanger acquired a bit more than $3 million, according to regulatory filings. Both documents list the same price for the securities, $51.65. Wells Fargo advanced 1.8 percent to $52.26 at 1:36 p.m. in New York.

Sanger led the board’s investigation into how branch workers opened legions of unauthorized accounts for customers over years, describing in a 113-page report how a generation of managers failed to heed warning signs. The review largely exonerated Sloan, who took over as CEO in October and is now working to rebuild clients’ and investors’ trust.

The lender is set to hold its annual shareholder meeting next week, where investors will vote on measures including whether to remove most of the bank’s board.