Trump Nominee Chao to Resign From Wells Fargo Board If Confirmed

(Bloomberg) -- Elaine Chao said she will resign from Wells Fargo & Co.’s board if confirmed as President-elect Donald Trump’s nominee to lead the U.S. Department of Transportation.

Chao, 63, who served as Labor secretary under President George W. Bush, told Wells Fargo of her decision on Friday, the San Francisco-based bank said Monday in a regulatory filing.