Elizabeth Ashburn Duke

Betsy Duke
Born	Elizabeth Ashburn Duke (1952-07-23) July 23, 1952 Portsmouth, Virginia, U.S.
Occupation	Banking executive
Years active	1977–2020
Known for	Member of the Federal Reserve Board of Governors (2008–2013); Chair of Wells Fargo Board of Directors (2018–2020)

Betsy Duke (born Elizabeth Ashburn Duke; July 23, 1952) is a prominent American banking executive who held a position on the Federal Reserve Board of Governors between 2008 and 2013. Following her confirmation by the United States Senate to fill an unexpired term ending January 31, 2012, she became the seventh woman to serve on the board. Duke stepped down from her role in July 2013.

On January 1, 2018, she assumed the role of Chair of the Board of Directors at Wells Fargo, having previously served as Vice-Chair since October 12, 2016.

Early life and education

Born in Portsmouth, Virginia and raised in Virginia Beach, Virginia, Elizabeth Ashburn Duke began her higher education studying physics at North Carolina State University. She later transferred to the University of North Carolina at Chapel Hill, where she graduated with a bachelor of fine arts degree in drama in 1974. Duke further advanced her education by earning an MBA from Old Dominion University. Early in her career, she worked part-time as a teller at First and Merchants National Bank located in Virginia Beach.

Professional career

In 1977, Duke was appointed vice president and chief financial officer at the Bank of Virginia Beach. While fulfilling full-time responsibilities, she pursued her MBA part-time at Old Dominion University, completing it in 1983. Two years later, she joined the Bank of Tidewater as vice president and CFO, rising to president by 1987 and CEO in 1991. Her leadership extended beyond her bank when she was named director of the Federal Reserve Bank of Richmond in 1998 and elected president of the Virginia Bankers Association in 1999.

Duke remained at the helm of Bank of Tidewater until its acquisition by SouthTrust in 2001, subsequently serving as executive vice president for community bank development at SouthTrust. After Wachovia acquired SouthTrust in 2004, she continued as executive vice president managing the merger project office. She held the position of chairman of the American Bankers Association during 2004-05 and joined TowneBank as senior executive vice president and COO in 2005. In May 2007, President George W. Bush nominated her to join the Federal Reserve Board of Governors. She officially resigned from this board effective August 31, 2013.

In October 2016, Duke was elected Vice Chair of Wells Fargo’s Board of Directors. She made history on January 1, 2018, by becoming Wells Fargo’s first female board chair, succeeding Stephen Sanger.

Wells Fargo's scandal and resignation

Duke resigned from her position as chairwoman of Wells Fargo’s board on March 8, 2020, following intense pressure from legislators and a critical report issued by the House Financial Services Committee. The report held both her and director James H. Quigley accountable for their perceived complacency toward the bank’s fraudulent sales tactics—including unauthorized accounts and unwarranted fees—that resulted in billions of dollars in penalties and federal sanctions, collectively referred to as the Wells Fargo cross-selling scandal.

The investigation highlighted Duke’s hesitance to cooperate with regulatory bodies and Quigley’s attempts to secure leniency from the Consumer Financial Protection Bureau. Their departures came amid widespread demands for corporate reform voiced by lawmakers such as Representative Maxine Waters.

Since 2016, Wells Fargo has endured significant leadership changes, increased regulatory oversight, and hefty fines, including a $3 billion settlement reached in February 2020.

Honors and activities

• Served on the executive advisory council for the Old Dominion University Business School
• Participated as a board member of the Virginia Council on Economic Education during 2005-2006
• Acknowledged by the Virginia General Assembly in 2005 as an outstanding female leader in the banking sector
• Selected among eight women featured in the Library of Virginia's 2014 "Virginia Women in History"

External links

• Testimony presented to the Senate Committee on Banking, Housing, and Urban Affairs, August 2, 2007
• George W. Bush nomination, May 15, 2007
• Profile: Elizabeth Duke featured on the Real Time Economics blog at The Wall Street Journal, June 29, 2008
• Collection of Statements and Speeches by Elizabeth Ashburn Duke