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 of Wells Fargo's board, resigned on Sunday March 8, 2020, under pressure from lawmakers and following a critical House Financial Services Committee report.

The report accused both of complacency in addressing the bank's deceptive sales practices, which included opening fake accounts and charging unnecessary fees.

[7] The report highlighted Duke's reluctance to engage with regulators and Quigley's involvement in seeking leniency from the Consumer 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.