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John Stumpf

John G. Stumpf is an American banking executive born in Pierz, Minnesota, who served as president from 2005, chief executive officer from 2007, and chairman from 2010 until his resignation from all positions at Wells Fargo & Company in October 2016.^[1]^[2]^[3] He joined the institution that became Wells Fargo in 1983 after earning a finance degree from St. Cloud State University and an MBA from the University of Minnesota, rising through regional banking roles before assuming national leadership.^[4]^[2] Under Stumpf's tenure, Wells Fargo expanded significantly, acquiring Wachovia during the 2008 financial crisis, repaying government bailout funds early, and achieving the status of the largest U.S. bank by market capitalization at points, with his 2012 compensation reaching $22.87 million.^[5]^[6]^[7] However, his leadership became defined by the 2016 disclosure of a scandal in which Wells Fargo employees opened approximately 1.5 million unauthorized deposit and credit card accounts to meet internal cross-selling metrics, a practice tied to aggressive sales incentives that permeated the bank's retail operations.^[8]^[9] Stumpf testified before Congress, forfeiting $41 million in pay and facing clawbacks totaling around $69 million, though critics argued this reflected insufficient accountability for a culture he had overseen for decades.^[10] Subsequently, in 2020, the Securities and Exchange Commission charged him with misleading investors about the scandal's scope, resulting in a $2.5 million penalty, while the Office of the Comptroller of the Currency imposed a permanent ban from the banking industry and a $17.5 million civil money penalty for governance failures.^[8]^[9]^[11]

Early life and education

Childhood and family background

John Stumpf grew up in Pierz, Minnesota, as one of eleven children in a large family operating a small dairy and poultry farm.^[5]^[12] His father, Herb Stumpf, managed the farm, while his mother, Elvira, raised the children amid basic rural conditions that included a single bathroom and siblings sharing beds.^[13]^[14] The family experienced significant financial hardship during Stumpf's early years, with the farm initially focused on dairy before shifting to poultry operations in response to economic pressures. Stumpf later recounted recognizing their poverty as a child when a banker visited the farm, an event that underscored the precariousness of their situation.^[15]^[16] These formative experiences on the farm instilled in Stumpf an appreciation for hard work and resourcefulness, values he has attributed to his upbringing in interviews.^[17]^[18] The modest circumstances contrasted sharply with his later professional ascent, yet he has described the family environment as one emphasizing collective effort and resilience.^[14]

Academic and early professional influences

Stumpf earned a Bachelor of Science degree in finance from St. Cloud State University's Herberger Business School.^[19] He later obtained a Master of Business Administration with an emphasis in finance from the University of Minnesota's Carlson School of Management in 1980.^[2] These programs provided foundational training in financial principles and management, aligning with his subsequent career trajectory in commercial banking.^[3] Following graduation, Stumpf entered the banking sector in 1976 as a repossession agent at First Bank in St. Paul, Minnesota, where he handled collections on defaulted loans.^[20] This entry-level role exposed him to the operational realities of credit risk and asset recovery in regional banking.^[3] In 1982, he transitioned to Northwestern National Bank—predecessor to Norwest Corporation and ultimately Wells Fargo—in its loan administration department, marking the start of his long-term progression within the institution.^[21] These initial positions emphasized practical lending and administrative functions, shaping his understanding of core banking operations amid the regulatory environment of the late 1970s and early 1980s.^[5]

Banking career prior to CEO role

Entry into Wells Fargo

John Stumpf joined Norwest Corporation, the predecessor to Wells Fargo & Company, in 1982 shortly after completing his master's degree in business administration from the University of Minnesota Carlson School of Management.^[2] His initial role was in the loan administration department, where he began as a junior loan officer handling credit analysis and administrative tasks for commercial lending operations based in Minnesota.^[18] This entry point reflected Norwest's regional focus as a Midwestern banking firm, emphasizing community banking and agricultural lending, sectors aligned with Stumpf's rural upbringing in Pierz, Minnesota.^[22] Norwest Corporation merged with Wells Fargo & Company on November 2, 1998, in a $31.7 billion stock swap deal, after which the combined entity adopted the Wells Fargo name while retaining Norwest's operational structure in key markets.^[18] Stumpf's continuity through the merger positioned him within the expanded national footprint of Wells Fargo, which grew from Norwest's 2,000 branches to over 4,000 post-merger, integrating diverse retail and commercial banking lines.^[22] By the early 2000s, his foundational experience in credit operations had evolved into leadership roles, but his 1982 entry marked the start of a 34-year tenure at the institution that became one of the largest U.S. banks by assets.^[2]

Ascent through management ranks

Stumpf joined Norwest Corporation in 1982 in the loan administration department after earning a master's degree in business administration from the University of Minnesota.^[18] He advanced to senior vice president and chief credit officer at Norwest Bank, N.A., in Minneapolis, overseeing credit functions amid the bank's expansion in the Midwest.^[6] Throughout the 1980s, he held multiple management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota, gaining operational experience in retail and commercial banking.^[21] In 1989, Stumpf assumed responsibility for Norwest Bank Arizona, marking his first regional leadership role outside Minnesota, where he managed branch operations and lending in a growing market.^[23] By January 1991, he became head of the Arizona operations until July 1994, followed by a promotion to manager of Colorado operations from July 1994 to November 1998, during which Norwest pursued aggressive regional growth through acquisitions and deposit expansion.^[1] These roles honed his expertise in southwestern markets, contributing to Norwest's pre-merger footprint. The 1998 merger of Norwest with Wells Fargo positioned Stumpf for accelerated advancement within the combined entity, initially in Southwest region oversight.^[24] By 2002, he was appointed head of Wells Fargo's community banking division, responsible for retail branches, consumer lending, and deposit growth across thousands of locations, a critical revenue driver amid post-merger integration.^[25] His leadership emphasized cross-selling and customer retention strategies, aligning with the bank's decentralized model. In 2005, Stumpf was elevated to president of Wells Fargo & Company, overseeing daily operations and strategic initiatives like technology upgrades and market expansion.^[5] This progression reflected his track record in scaling operations from local to national scope, culminating in his selection as CEO in June 2007.^[26]

Tenure as CEO of Wells Fargo

Appointment and strategic vision

John Stumpf was appointed chief executive officer of Wells Fargo & Company in June 2007, succeeding Richard Kovacevich, who had served as CEO since 1998 and remained chairman until 2009.^[22] Stumpf, who joined Wells Fargo in 1982 and had risen through regional and divisional leadership roles, had already served as president since August 2005, positioning him to assume the CEO role amid expectations of continued expansion in retail and commercial banking.^[22] His appointment occurred just months before the onset of the global financial crisis, during which he navigated the bank's acquisition of Wachovia Corporation in December 2008 for $15.1 billion, significantly broadening its national presence and deposit base to over 12,000 branches.^[27] Stumpf's strategic vision centered on fostering long-term customer loyalty through aggressive cross-selling of financial products, encapsulated in Wells Fargo's mantra of helping customers "succeed financially" by bundling services such as checking accounts, mortgages, credit cards, and investment products.^[28] He promoted a "one Wells Fargo" model that integrated retail banking with wealth management, commercial lending, and wholesale operations to maximize revenue per customer, targeting an increase in products per household from approximately 5.7 in 2007 to higher benchmarks like eight by the mid-2010s.^[29] This approach prioritized organic growth alongside selective acquisitions and emphasized disciplined risk management, which Stumpf credited for Wells Fargo's relative stability during the 2008 crisis compared to peers reliant on investment banking.^[27] In public statements, he framed the strategy as customer-needs driven rather than purely sales-oriented, though internal metrics heavily incentivized employee performance on cross-sell ratios.^[30]

Financial growth and performance metrics

During John Stumpf's tenure as CEO from June 2007 to October 2016, Wells Fargo demonstrated strong financial recovery and expansion following the 2008 financial crisis, with key performance metrics reflecting growth in core banking activities such as deposits, loans, and fee income. Net income, after dipping to a loss of $2.8 billion in 2008 due to crisis-related provisions, rebounded to $12.0 billion in 2010 and climbed to a peak of $23.1 billion in 2015, supported by disciplined expense management and revenue diversification.^[31] This trajectory marked five consecutive years of record earnings by 2013, with net income reaching $21.9 billion that year, up 16% from 2012.^[32] Revenue exhibited consistent upward momentum, rising from $58.0 billion in 2007 to $83.8 billion in 2015, before edging to $86.7 billion in 2016 amid stabilizing interest rates and volume growth in mortgages and consumer banking.^[33] Total assets expanded substantially from approximately $535 billion at the end of 2007 to over $1.5 trillion by the end of 2016, fueled by a 7% year-over-year increase in deposits to $1.3 trillion in 2016 and organic loan portfolio growth.^[34] ^[35] Stock performance mirrored this operational strength post-crisis, with annual total returns averaging over 15% from 2010 to 2015, including 36.7% in 2013 and 24.1% in 2014, as shares recovered from sub-$10 lows (split-adjusted) in 2009 to around $50 by mid-2016.^[36] Return on equity (ROE) frequently exceeded 12%, outperforming many peers through a focus on community banking and customer retention metrics.^[32] These indicators underscored Wells Fargo's position as one of the most valuable U.S. banks by market capitalization during much of Stumpf's leadership.^[37]

Implementation of cross-selling model

Under John Stumpf's tenure as CEO beginning in June 2007, Wells Fargo expanded its longstanding cross-selling strategy by embedding it deeper into the company's operational framework and performance evaluations. Cross-selling involved encouraging customers to adopt multiple financial products, such as checking accounts, credit cards, mortgages, and insurance, with success measured by the average number of "solutions" or products per retail banking household. Stumpf positioned this model as central to revenue diversification and customer retention, publicly emphasizing metrics like the cross-sell ratio in investor presentations and earnings calls.^[38] A key element of implementation was the "Gr-Eight" campaign, which set an internal target of eight products per household as an aspirational benchmark for branches and employees. This goal built on prior efforts but gained prominence under Stumpf, who tied it to motivational messaging and sales training programs designed to foster a culture of proactive upselling. By 2012, the company reported achieving a record cross-sell ratio of 5.98 products per household, which Stumpf cited as evidence of the model's efficacy in driving organic growth without heavy reliance on external capital.^[39]^[40] Incentive structures reinforced the strategy's rollout, with employee compensation—ranging from frontline tellers to regional managers—linked directly to cross-sell outcomes through quotas and bonuses. Executive pay, including Stumpf's, incorporated these metrics as key performance indicators, aligning leadership rewards with aggregate sales volumes. Stumpf shared detailed cross-sell data with analysts, certifying its accuracy in SEC filings for 2015 and 2016 despite emerging internal concerns about data integrity.^[41]^[8]^[42] The model's emphasis extended to operational tactics, such as branch-level scorecards tracking daily and monthly cross-sell progress, which were reviewed in management meetings and used to guide resource allocation. While Stumpf defended the approach as customer-centric, arguing it deepened relationships and stabilized earnings amid post-2008 financial volatility, implementation relied on high-pressure sales environments that prioritized volume over verification processes.^[29]^[28]

The unauthorized accounts controversy

Origins of sales pressure practices

The cross-selling strategy emphasizing multiple product sales per customer originated during the tenure of CEO Richard Kovacevich, who assumed leadership in 1998 following Wells Fargo's merger with Norwest Corporation. Kovacevich promoted cross-selling as a core competitive advantage, arguing it deepened customer relationships and boosted revenue without proportional cost increases.^[43] By 1999, Wells Fargo began formally tracking daily product sales per banker and set an internal target of eight products per household, encapsulated in the slogan "Going for Gr-Eight" as noted in the bank's annual report. This goal, which exceeded industry averages of around 2-3 products per customer, was reinforced through company-wide mantras and performance metrics. By 2002, the bank explicitly proclaimed a target of at least eight products per customer, with phrases like "Eight is Great" integrated into sales training and evaluations.^[44]^[45] Sales pressure intensified through a combination of incentive structures and punitive measures. Employees faced daily and monthly quotas enforced by branch managers, with compensation heavily tied to meeting these targets—often comprising a significant portion of variable pay. Failure to achieve goals risked demotion, denied promotions, or termination, fostering a high-stakes environment where frontline staff reported intense scrutiny and fear of reprisal. This system, documented in employee lawsuits as early as 2002, prioritized volume over suitability, as metrics like "solutions per household" became key performance indicators in appraisals.^[28]^[46] John Stumpf, who joined Wells Fargo in 1985 and rose to head the consumer banking division by the early 2000s, inherited and sustained this framework upon becoming CEO in June 2007. Under his leadership, cross-selling metrics continued to be highlighted in investor communications, with the bank touting ratios like 5.7 products per retail household by 2013 as evidence of strategic success. However, internal audits and whistleblower reports from the period indicate that the quota-driven model, rooted in the pre-Stumpf era, had already incentivized shortcuts, including unauthorized account openings to inflate numbers.^[47]^[38]

Scale and internal handling of the issue

The unauthorized accounts scandal at Wells Fargo involved the creation of approximately 3.5 million potentially unauthorized checking, savings, and credit card accounts by employees between roughly 2011 and 2016, often without customers' knowledge or consent, as later estimated by independent analyses following the bank's initial disclosure of 2.1 million accounts.^[48]^[49] This figure represented a significant escalation from the bank's preliminary admissions, encompassing fraudulent practices driven by aggressive cross-selling quotas that pressured frontline staff to meet numerical targets for new products per customer.^[50] The misconduct resulted in at least $11 million in improper fees and charges extracted from affected customers, though total consumer harm, including credit damage and unauthorized transfers, extended further.^[51] Internally, Wells Fargo began identifying instances of unauthorized account openings as early as 2011 through employee reports and audits, responding primarily by terminating implicated low-level branch staff—ultimately dismissing over 5,300 employees by September 2016 for related misconduct.^[52]^[10] However, these actions did not extend to altering the underlying sales incentive structures or leadership accountability; high-level performance goals, which emphasized metrics like "solutions per household," persisted unchanged, allowing the practices to continue across thousands of branches.^[53] A 2017 independent board investigation, commissioned post-scandal, concluded that while some whistleblower complaints reached senior community banking executives, the decentralized organizational structure and pervasive sales culture impeded comprehensive escalation and remediation, with management failing to eliminate improper practices despite awareness of risks.^[53] This approach prioritized short-term metric achievement over systemic oversight, contributing to the scandal's prolonged duration and breadth, as affirmed in subsequent regulatory findings on the bank's tolerance of fraudulent conduct.^[54]

Regulatory investigations and fines

The Consumer Financial Protection Bureau (CFPB), in coordination with the Office of the Comptroller of the Currency (OCC) and the Los Angeles City Attorney, initiated investigations into Wells Fargo's unauthorized account openings, culminating in consent orders and fines announced on September 8, 2016.^[55] The CFPB's order cited the bank's pervasive use of aggressive sales tactics that resulted in the creation of approximately 1.5 million unauthorized deposit and credit card accounts without customer consent, imposing a $100 million civil money penalty and requiring restitution to affected consumers.^[55] The OCC simultaneously levied a $35 million penalty against Wells Fargo Bank, N.A., for unsafe or unsound practices in sales management, including failures in risk assessment and oversight, and mandated corrective actions such as enhanced compliance programs and independent audits.^[10] These initial penalties totaled $185 million when including the $50 million from the Los Angeles enforcement action, which focused on violations of local consumer protection laws.^[10] Subsequent federal investigations by the Department of Justice (DOJ), Securities and Exchange Commission (SEC), and other regulators expanded scrutiny of Wells Fargo's sales practices abuses, including the unauthorized accounts, revealing systemic deficiencies in internal controls and executive oversight under Stumpf's leadership. On February 21, 2020, Wells Fargo agreed to pay $3 billion to resolve parallel criminal and civil probes, with $2.5 billion allocated to a DOJ criminal settlement for wire fraud tied to the fake accounts scheme and $500 million to the SEC for misleading investors about the extent of the misconduct. The DOJ emphasized that the bank's pressure-driven culture fostered fraudulent activity affecting over 1.5 million customers through unauthorized products, while the SEC highlighted false statements in securities filings that downplayed remediation costs and risks.^[50] These resolutions included admissions of misconduct but deferred criminal prosecution conditioned on compliance improvements, marking one of the largest penalties for corporate sales abuses. Personal accountability for Stumpf emerged from OCC probes into executive failures to address known risks. On January 22, 2020, the OCC issued a permanent prohibition order barring Stumpf from future participation in the affairs of any insured depository institution and imposed a $17.5 million civil money penalty, citing his approval of inadequate incentive compensation structures and oversight lapses that enabled the unauthorized accounts to proliferate from 2011 onward.^[56] Stumpf consented to the order without admitting or denying the findings, which detailed how senior leadership disregarded audit warnings and prioritized short-term metrics over consumer protection.^[9] This action followed broader OCC charges against four other former Wells Fargo executives for similar governance breakdowns, underscoring regulatory determination to hold individuals responsible beyond corporate penalties.^[9]

Public scrutiny and congressional testimony

Senate hearings and key exchanges

On September 20, 2016, John Stumpf, then Chairman and CEO of Wells Fargo, testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs in a hearing titled "An Examination of Wells Fargo's Unauthorized Accounts and the Regulatory Response."^[57] In his prepared remarks, Stumpf apologized to customers for unauthorized accounts opened without consent, estimating approximately 1.5 million potentially unauthorized deposit accounts and 565,000 inactive credit cards based on an internal review by PwC, which resulted in about $2.2 million in unauthorized deposit fees and $400,000 in credit card fees.^[58] He accepted full responsibility for unethical sales practices in retail banking, noting the termination of over 5,300 employees for sales integrity violations between 2011 and August 2016, while denying any company-directed scheme to create fake accounts.^[58] Stumpf defended the bank's cross-selling model as a legitimate strategy for deepening customer relationships rather than a fraudulent "scam," emphasizing reforms implemented since 2011, such as sales quality monitoring and the planned elimination of all retail sales goals by January 1, 2017.^[58] He attributed the issues to decentralized misconduct driven by poor incentives at lower levels, not executive orchestration, and committed to remediating affected customers by refunding fees and closing unauthorized accounts.^[58] A pivotal exchange occurred with Senator Elizabeth Warren (D-MA), who challenged Stumpf's accountability, highlighting his personal stock gains exceeding $200 million from cross-selling-driven growth during 2011–2015 and a $90–125 million retirement package awarded to Carrie Tolstedt, head of the community banking division implicated in the scandal, despite her awareness of issues.^[40] Warren accused Stumpf of fostering a culture where executives profited while low-level employees bore blame and firings, demanding he resign, forfeit earnings, and face criminal investigation by the Department of Justice and Securities and Exchange Commission.^[40] Stumpf deferred decisions on his compensation or resignation to the board, maintained that cross-selling was not inherently fraudulent, and declined to advocate firing Tolstedt, citing her overall performance record.^[40] Other senators, including Chairman Richard Shelby (R-AL) and Ranking Member Sherrod Brown (D-OH), pressed Stumpf on oversight failures and the adequacy of internal controls, with criticism focusing on delayed remediation and insufficient executive penalties.^[59] Stumpf reiterated apologies for betraying customer trust but insisted the problems were not systemic from leadership, a stance that drew skepticism amid revelations of persistent sales pressures documented in employee transcripts from earnings calls.^[60] The hearing intensified public and regulatory pressure, contributing to Stumpf's resignation announcement 12 days later on October 12, 2016.^[61]

Criticisms from regulators and politicians

During the September 20, 2016, hearing before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Senator Elizabeth Warren accused Wells Fargo CEO John Stumpf of exhibiting "gutless leadership" for failing to hold senior executives accountable in the unauthorized accounts scandal, demanding his resignation and suggesting he face criminal investigation for what she described as deceptive practices that enriched executives while harming customers.^[62]^[63] Other senators, including Republicans and Democrats, joined in bipartisan condemnation, with some asserting that the bank's actions constituted fraud and potential violations of racketeering laws, and urging Stumpf to forgo personal compensation tied to the problematic cross-selling metrics.^[64]^[65] In a subsequent September 29, 2016, hearing before the House Financial Services Committee, lawmakers from both parties expressed outrage over Stumpf's testimony, criticizing his refusal to fully accept responsibility and his defense of the bank's sales model, with Committee Chairman Jeb Hensarling emphasizing the need for accountability beyond the $185 million in combined fines imposed by regulators on Wells Fargo, which he noted represented only about 3% of the bank's second-quarter profits that year.^[66]^[67] Politicians highlighted Stumpf's receipt of over $40 million in compensation in 2015 amid the ongoing issues, questioning why low-level employees faced termination while executives like him and community banking head Carrie Tolstedt retained bonuses and deferred awards.^[68] Regulators voiced sharp criticisms through enforcement actions and public statements. The Consumer Financial Protection Bureau (CFPB), alongside the Office of the Comptroller of the Currency (OCC) and other agencies, announced a $185 million settlement with Wells Fargo on September 8, 2016, for widespread unauthorized account openings, with CFPB Director Richard Cordray stating that the practices represented "deceptive" conduct that "shocks" in its scale and persistence under leadership oversight. Later, on January 22, 2020, the OCC issued a permanent prohibition order barring Stumpf from the banking industry, accompanied by a $17.5 million civil money penalty, citing his "negligence and failure to act" in not addressing known risks in the sales practices program despite internal warnings dating back to 2007.^[56] The Securities and Exchange Commission (SEC) in November 2020 settled charges against Stumpf for misleading investors about the scope of the issues, requiring a $2.5 million penalty, underscoring regulatory findings of inadequate disclosure and oversight by top management.^[8] These measures reflected regulators' view that Stumpf bore personal responsibility for fostering a culture of aggressive sales incentives without sufficient controls, contributing to over 3.5 million unauthorized accounts created between 2002 and 2016.^[69]

Defenses and contextual explanations

Stumpf maintained in his September 29, 2016, testimony before the House Financial Services Committee that cross-selling served to strengthen customer relationships by providing a range of suitable financial products, fostering greater trust and long-term value.^[30] He rejected claims of a company-wide fraudulent directive, stating that unauthorized account creation by individual employees violated core principles and generated avoidable expenses for the bank.^[30] An external audit by PricewaterhouseCoopers, referenced in the testimony, estimated 1.5 million potentially unauthorized deposit accounts—equating to 1.9% of the sampled total—and 565,000 unused credit cards, or 5.8% of the reviewed cards, with aggregate fees of $2.2 million and $400,000, respectively.^[30] Wells Fargo had dismissed approximately 5,300 staff for sales-related improprieties from 2011 to 2016, averaging 1% of its workforce yearly, and discontinued frontline product sales quotas effective October 1, 2016, while introducing bolstered monitoring, training protocols, and account validation steps.^[30] Cross-selling, as a broader banking tactic, enables revenue expansion from established clients at lower marginal costs than acquiring new ones, a practice Stumpf's strategy emphasized through targets like eight products per household, yielding a reported ratio of 6.13 by mid-2016.^[42]^[70] Proponents contend the episode reflected oversight lapses amid rigorous growth objectives common in competitive retail banking, rather than engineered deceit, with per-consumer fees from irregularities averaging $1.30—all reimbursed—and total penalties of $185 million relative to the firm's $90 billion annual revenue.^[71]

Resignation and post-Wells Fargo developments

Circumstances of departure

John Stumpf announced his retirement as chairman and chief executive officer of Wells Fargo on October 12, 2016, effective immediately, amid escalating fallout from the unauthorized accounts scandal.^[72]^[73] The departure followed intense public and regulatory scrutiny, including a September 20, 2016, Senate Banking Committee hearing where Stumpf faced pointed criticism, such as Senator Elizabeth Warren's call for his resignation due to perceived failures in oversight and accountability.^[74]^[75] Wells Fargo's board accepted Stumpf's retirement, citing the need to address ongoing issues from aggressive sales practices that led to millions of unauthorized customer accounts.^[76] The announcement came less than a month after federal regulators imposed a $185 million fine on the bank for consumer protection violations tied to the scandal, amplifying pressure on leadership.^[77] Stumpf, who had led the bank since 2007, relinquished both his CEO and chairman roles, breaking from patterns in prior banking scandals where executives often retained positions despite controversies.^[78] Timothy Sloan, the bank's president and chief operating officer, succeeded Stumpf as CEO, while the board began a search for an independent chairman.^[79] The resignation was framed by the bank as a retirement, but analysts and reports described it as a forced exit driven by sustained criticism from lawmakers, regulators, and shareholders over the bank's cultural and governance shortcomings.^[80]^[81] No severance package was disclosed at the time, reflecting the board's intent to signal accountability amid the crisis.^[72]

Compensation forfeitures and clawbacks

In September 2016, following congressional testimony and regulatory scrutiny over the unauthorized accounts scandal, Wells Fargo's board required former CEO John Stumpf to forfeit approximately $41 million in unvested equity awards as part of accountability measures.^[82]^[83] This action targeted deferred compensation tied to performance incentives amid revelations of widespread sales misconduct.^[84] In April 2017, an independent board investigation into the scandal's origins and handling led to an additional clawback of $28 million in incentive compensation from Stumpf, reflecting findings of leadership failures in oversight and risk management.^[85]^[86] Combined with the prior forfeiture, these measures totaled roughly $69 million recouped from Stumpf's pay package, which had aggregated $286 million from 2011 to 2016.^[87]^[85] The clawbacks were enacted under Wells Fargo's compensation recovery policy, applicable even without a formal restitution requirement from regulators, and represented one of the largest such actions against a banking executive at the time.^[84]^[28] No further compensation recoveries from Stumpf were reported in subsequent regulatory or board actions related to the scandal.^[12]

Subsequent legal settlements and current status

Following his resignation on October 12, 2016, John Stumpf faced regulatory actions from the Office of the Comptroller of the Currency (OCC) and the Securities and Exchange Commission (SEC). On January 23, 2020, the OCC issued a permanent prohibition order barring Stumpf from participating in the affairs of any insured depository institution and imposed a $17.5 million civil money penalty, the largest individual fine levied by the agency at the time, citing his role in unsafe or unsound practices related to the unauthorized accounts scandal.^[9]^[11] On November 13, 2020, the SEC settled charges against Stumpf, requiring him to pay a $2.5 million penalty for misleading investors through false and misleading statements in Wells Fargo's securities filings and public disclosures from 2014 to 2016 regarding the scope of sales misconduct.^[8]^[42] Stumpf also agreed to clawbacks of previously awarded compensation, forfeiting approximately $41 million in unvested deferred equity awards as part of Wells Fargo's internal response to the scandal, approved by the bank's board in 2016.^[28] No criminal charges were filed against him personally, though Wells Fargo as an institution entered into a deferred prosecution agreement with the Department of Justice in February 2020, paying $3 billion in penalties related to the fake accounts practices.^[88] As of 2025, Stumpf remains permanently barred from the banking industry and has no reported executive roles or public positions in finance. He has maintained a low profile post-settlements, with no further regulatory actions or lawsuits disclosed in recent filings.^[11]^[89]

Assessments of leadership

Key achievements and contributions

John Stumpf served as CEO of Wells Fargo from June 2007 to October 2016, guiding the institution through the 2008 financial crisis and facilitating substantial expansion. A primary achievement was leading the acquisition of Wachovia Corporation, completed effective December 31, 2008, for approximately $12.7 billion in an all-stock deal.^[90] This merger integrated Wachovia's branch network and operations, establishing Wells Fargo as possessing North America's most extensive distribution system at the time and elevating it to the fourth-largest U.S. bank by deposits.^[91] The Wachovia integration proved instrumental in post-crisis recovery, contributing to Wells Fargo's $3 billion net income in the first quarter of 2009 despite broader industry turmoil.^[92] Stumpf's oversight of this transaction, one of the largest bank mergers in history, transformed Wells Fargo from a super-regional player into a national powerhouse with over $1.5 trillion in assets by the early 2010s.^[93] The bank added millions of customer households and tens of billions in deposits in the years following, bolstering its market position.^[94] Stumpf's strategy emphasized cross-selling multiple products to existing customers to deepen relationships and drive revenue growth, a model that initially yielded high metrics such as average products per household exceeding industry peers.^[32] Under his tenure, Wells Fargo maintained relative stability during the recession, repaying its $25 billion in TARP funds received in October 2008 by December 2009, ahead of many competitors.^[93] These efforts earned him recognition, including Morningstar's CEO of the Year award in 2015 for sustained performance and shareholder value creation.^[95]

Criticisms and accountability debates

Critics of Stumpf's leadership have argued that the aggressive cross-selling model he championed as CEO fostered a high-pressure sales culture that incentivized widespread fraudulent account openings, with internal issues dating back to at least 2007 but inadequately addressed under his tenure.^[28] A 2017 Wells Fargo board investigation specifically faulted Stumpf for leadership failures in oversight and risk management, noting that he and other executives prioritized sales metrics over ethical considerations, contributing to the creation of approximately 3.5 million unauthorized accounts between 2002 and 2016.^[28] During his September 20, 2016, Senate Banking Committee testimony, Stumpf attributed the misconduct primarily to 5,300 low-level employees who were fired, drawing rebuke from senators across party lines for deflecting responsibility from senior management and the systemic incentives he endorsed.^[96]^[61] Accountability debates intensified following Stumpf's congressional appearances, where figures like Senator Elizabeth Warren accused him of "gutless leadership" for failing to claw back compensation from executives involved and for personally retaining bonuses amid the scandal's emergence.^[62] Stumpf resigned on October 12, 2016, forfeiting about $41 million in stock awards and unvested equity, yet critics contended this was insufficient given his $134 million severance package and the bank's $185 million initial fine, arguing that his promotion of cross-sell goals as a core performance metric misled investors and perpetuated the issues.^[97]^[98] In a similar vein, a September 29, 2016, House Financial Services Committee hearing highlighted concerns over his lack of contrition and failure to implement timely reforms, with lawmakers pressing for greater executive penalties beyond employee terminations.^[68] Subsequent regulatory actions underscored ongoing accountability questions, as the U.S. Securities and Exchange Commission charged Stumpf in November 2020 with misleading investors on cross-selling metrics tied to the fake accounts, resulting in a $17.5 million civil penalty settlement without admitting wrongdoing.^[99]^[100] Debates persist on whether these measures adequately addressed his role, with some analyses portraying Stumpf as an active enabler of the culture rather than a mere bystander, given his long oversight of community banking practices that rewarded volume over compliance.^[98] No criminal charges were filed against him personally, fueling arguments that banking regulations prioritize fines over individual deterrence, though proponents of his defense maintain the fraud stemmed from isolated lapses rather than top-down directives.^[101]

Broader implications for banking incentives

The Wells Fargo scandal underscored the perils of incentive structures in banking that prioritize aggressive cross-selling metrics over ethical conduct, where employees faced quotas such as the "eight is great" target of selling eight products per customer, fostering a high-pressure environment that incentivized fraudulent account creation to meet unattainable goals.^[52]^[102] This model, emblematic of broader industry practices tying compensation to volume-based sales, demonstrated how such systems can distort employee behavior, leading to widespread gaming of metrics rather than genuine customer value, as evidenced by the creation of approximately 3.5 million unauthorized accounts between 2002 and 2016.^[28]^[54] Causal analysis reveals that without robust safeguards, incentive pay in financial institutions amplifies short-term revenue pursuits at the expense of long-term stability and compliance, as misaligned rewards encourage risk-blind actions like falsifying signatures or opening sham accounts to secure bonuses, a dynamic replicated in other banks' sales-driven cultures.^[103] The episode prompted industry-wide scrutiny, with global banks reassessing compensation frameworks to incorporate deferred payouts, clawback provisions, and balanced performance metrics that weigh customer outcomes alongside sales volume, though empirical evidence indicates persistent challenges, including contagion effects where peer institutions faced elevated complaint volumes and compensation demands post-scandal.^[104] Regulatory responses, including enhanced oversight under frameworks like Dodd-Frank's incentive compensation rules, highlighted the need for structural reforms to mitigate moral hazard, yet the scandal's legacy persists in debates over whether quota abolition—such as Wells Fargo's 2017 elimination of product sales goals—sufficiently addresses root incentives without stifling legitimate growth.^[105] Recent analyses suggest a return to heightened incentive reliance in some institutions, underscoring that cultural and oversight failures often exacerbate incentive flaws, necessitating ongoing empirical monitoring to prevent recurrence.^[106]

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John G Stumpf, Wells Fargo & Co: Profile and Biography
John G Stumpf is Former Chairman/CEO at Wells Fargo & Co. See John G Stumpf's compensation, career history, education, & memberships.
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Dec 6, 2012 · NAME: John Stumpf. AGE: 59. HOMETOWN: Pierz, Minn. FAMILY: Married with two adult children. EDUCATION: Finance degree from St. Cloud State ...<|separator|>
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Sep 30, 2007 · Held senior positions in Norwest's Minnesota, Texas and Southwestern units. Headed Western banking division after Norwest acquired Wells Fargo ...
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Dec 5, 2024 · Notable Works and Achievements. Under Stumpf's stewardship, Wells Fargo achieved remarkable growth, becoming the largest U.S. bank by market ...
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Stumpf became CEO of Wells Fargo in June 2007 and chairman in January 2010.[8] In 2012, Stumpf's total compensation was $22.87 million with a base salary of ...
[7]
Wells Fargo chairman is America's highest paid banker - The Guardian
Feb 16, 2010 · John Stumpf, a low-key conservative figure who is chairman of San Francisco-based Wells Fargo, is shown to have earned $18.7m (£11.8m) after executive pay ...
[8]
SEC Charges Former Wells Fargo Executives for Misleading ...
Nov 13, 2020 · The SEC's filings include settled charges against Stumpf, who agreed to pay a $2.5 million penalty, and a litigated action alleging Tolstedt ...
[9]
OCC Issues Notice of Charges Against Five Former Senior Wells ...
Jan 23, 2020 · The OCC also announced today the issuance by consent of a prohibition order and a $17,500,000 CMP against former bank Chairman and CEO John ...
[10]
Wells Fargo—A Timeline of Recent Consumer Protection and ...
Feb 27, 2020 · October 2016: Wells Fargo's chief executive officer (CEO), John Stumpf, retires. Between forfeiture and clawbacks, he surrendered $69 million ...Missing: facts | Show results with:facts
[11]
Ex-Wells Fargo CEO John Stumpf barred from industry, to pay $17.5 ...
Jan 23, 2020 · Former Wells Fargo CEO John Stumpf has been banned from ever working at a bank again and will pay $17.5 million for scandals.Missing: facts | Show results with:facts
[12]
Despite fines, ex-Wells Fargo CEO John Stumpf still has millions
Jan 24, 2020 · Born as one of 11 children of a dairy farmer from Pierz, Minn., Stumpf began working at Norwest Corp. in 1982 and rose through the ranks. In ...
[13]
John G. Stumpf - NNDB
Father: Herb Stumpf (dairy farmer) ; Mother: Elvira Stumpf (mother of 11) ; Brother: Claude ; Brother: Joel ; Brother: SteveMissing: early | Show results with:early
[14]
Wells Fargo CEO John Stumpf - Toastmasters International
Stumpf, 62, has been with the company for 33 years and was named CEO in 2007 and then chairman in 2010. Under his stewardship, Wells Fargo has soared to new ...Missing: biography | Show results with:biography
[15]
John Stumpf's career took him from childhood poverty to helm of Wells
Oct 12, 2016 · Once asked how he first realized his family was in dire financial straits as a small child, Stumpf said, "I knew when a banker came to our farm ...
[16]
Wells Fargo CEO John Stumpf discusses his childhood in poverty ...
... Stumpf didn't open up sooner about his own family life. Stumpf was one of 11 children growing up on a farm in small-town Minnesota. "I knew how much trouble ...
[17]
Wells Fargo CEO John Stumpf on Building Culture - Fortune
Jul 23, 2015 · I learned that early on as one of 11 kids on our family dairy farm in Pierz, Minn. The “culture” (although we didn't call it that) was to ...Missing: background | Show results with:background<|separator|>
[18]
5 things to know about Wells Fargo CEO John Stumpf - CBS News
Sep 14, 2016 · He was named CEO of Wells Fargo in 2007. Stumpf oversaw a $175 million settlement over racial bias. The clandestine account-opening scandal isn' ...
[19]
Herberger School alumnus named national CEO of the year
Jan 28, 2016 · The 61-year-old former Pierz resident holds a bachelor's degree in finance from St. Cloud State's Herberger Business School. “We named John ...Missing: background | Show results with:background
[20]
Wells Fargo's John Stumpf Has His Wall St. Comeuppance
Sep 19, 2016 · After attending St. Cloud State University, he began his banking career in the 1970s as a “repo” agent charged with collecting defaulted debt ...
[21]
John Stumpf: Positions, Relations and Network - MarketScreener
Stumpf joined Northwestern National Bank, the former Norwest Corporation and predecessor of Wells Fargo, in 1982 in the loan administration department and ...
[22]
John G. Stumpf Appointed to the Federal Advisory Council
Dec 19, 2014 · Mr. Stumpf became chairman for Wells Fargo & Company in January 2010. A 32-year veteran of the company, he joined the former Norwest Corporation ...
[23]
John Stumpf Biography | Booking Info for Speaking Engagements
He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989.
[24]
Wells Fargo CEO John Stumpf: 2008 changed landscape for company
Mar 18, 2012 · He became CEO of Wells in 2007, just in time for the financial crisis. As part of a story on Wells' new status as the nation's most valuable ...Missing: positions | Show results with:positions
[25]
John Stumpf – From Repo Man to the Corner Office at Wells Fargo
In 1982, starting from the bottom and moving his way up, Stumpf got his start in banking as a Repo Man at First Bank in St Paul, Minnesota.Missing: early career
[26]
Wells Fargo CEO Shares Best Advice for Business Graduates
May 19, 2015 · Wells Fargo & Company Chairman and CEO John Stumpf, '80 MBA, stood before hundreds of new graduates and offered his best advice for navigating the future.Missing: background | Show results with:background
[27]
The Bank That Works - Forbes
Jan 25, 2012 · Stumpf rose in lockstep—he ran various regions and then in 2000 led the integration of $23 billion First Security of Salt Lake City. In 2002 ...
[28]
The Wells Fargo Cross-Selling Scandal
Feb 6, 2019 · When CEO John Stumpf appeared before the U.S. Senate, the narrative of the scandal changed significantly. Senators criticized the company for ...
[29]
Wells Fargo: When eight wasn't great - IMD Business School
When former Wells Fargo CEO John Stumpf pushed his employees to sell eight Wells Fargo products per customer through cross-selling – he no doubt assumed it ...
[30]
[PDF] Testimony of John Stumpf - House Committee on Financial Services
Sep 29, 2016 · I am the Chairman and Chief Executive Officer of Wells Fargo, where I have worked for nearly 35 years. It is my privilege to lead the company, ...
[31]
Wells Fargo Net Income 2011-2025 | WFC - Macrotrends
Wells Fargo annual net income for 2024 was $18.606B, a 3.47% increase from 2023. Wells Fargo annual net income for 2023 was $17.982B, a 43.15% increase from ...
[32]
The Fargo Way: John Stumpf on Wells Fargo's team spirit - The Banker
Nov 6, 2014 · John Stumpf, Well Fargo's chairman, president and CEO, is straightforward in his goals and for a bank so large, there is a notable absence of big talk, grand ...Missing: career achievements
[33]
Wells Fargo (WFC) - Revenue - Companies Market Cap
Revenue history for Wells Fargo from 1996 to 2025. 2000 2005 2010 2015 2020 ... 2016, $86.72 B, 3.46%. 2015, $83.82 B, 2.27%. 2014, $81.96 B, -0.41%. 2013, $82.30 ...
[34]
[PDF] Wells Fargo & Company 2016 Annual Report - AnnualReports.com
Mar 31, 2017 · Since 1852, Wells Fargo has worked to earn customers' trust by meeting their financial needs and helping them succeed.
[35]
Wells Fargo Total Assets 2011-2025 | WFC - Macrotrends
Wells Fargo total assets for 2023 were $1932.468B, a 2.74% increase from 2022. Wells Fargo total assets for 2022 were $1881.02B, a 3.44% decline from 2021.Missing: 2007-2016 | Show results with:2007-2016
[36]
Wells Fargo - 53 Year Stock Price History | WFC - Macrotrends
The Wells Fargo 52-week high stock price is 87.47, which is 1.2% above the current share price. The Wells Fargo 52-week low stock price is 58.42, which is 32.4% ...
[37]
Wells Fargo Leaves Stumpf's Pay Unchanged at $19.3 Million
Wells Fargo & Co., the most valuable US bank, left Chief Executive Officer John Stumpf's compensation for 2015 unchanged at $19.3 million.
[38]
A Brief History of Wells Fargo's Sales Culture | American Banker
Nov 4, 2016 · By that time, Wells Fargo's retail banking cross-sell ratio had risen to 5.5 products per household. Prior to his appointment as CEO, Stumpf ...
[39]
[PDF] Case 3:16-cv-05479 Document 1 Filed 09/26/16 Page 1 of 39
Sep 26, 2016 · Wells Fargo's stated goal was to sell each customer household at least eight consumer products, a selling motto called “Gr-eight.” According.
[40]
Questioning Wells Fargo CEO, John Stumpf at Banking Committee ...
Sep 20, 2016 · April 2012, quote, “We grew out retail banking cross-sell ratio to a record, 5.98 products per household.” A year later, April 2013, quote, “We ...
[41]
[PDF] The Wells Fargo Cross-Selling Scandal - Georgia Bankers Association
Jan 8, 2019 · Furthermore, the board report criticized CEO. John Stumpf and community banking head Carrie Tolstedt for. Page 5. The Wells Fargo Cross-Selling ...
[42]
[PDF] John G. Stumpf - SEC.gov
Nov 13, 2020 · In it, Wells Fargo stated, among other things, that its “cross-sell strategy” was “needs based,” and that the Community Bank's “retail banking ...
[43]
https://www.wsj.com/articles/at-wells-fargo-how-far-did-banks-sales-culture-go-1448879643
[44]
[PDF] The “King of Cross-Sell” and the Race to Eight - Public Citizen
Sep 29, 2016 · In 1999, according to its annual report, Wells Fargo was: “Going for gr-eight product packages,”11 establishing the long-held, and now infamous, ...
[45]
[PDF] #N20-001 - OCC.gov
(61) By 2002, the Bank began proclaiming a goal to sell at least eight products to every customer. Bank mantras included “Going for Gr-Eight” and “Eight is ...
[46]
Quit Unrealistic Sales Goals - How the Wells Fargo CEO Got Fired
Jan 17, 2017 · Their sales force was also subjected to unimaginable pressure to meet targets, as revealed by the 2015 Los Angeles lawsuit against the bank.
[47]
What Created Wells Fargo's Corrupt Cross-Selling Culture? Toxic ...
Apr 17, 2017 · Stumpf was by nature an optimistic executive who refused to believe that the sales model was seriously impaired. It was convenient instead to ...<|separator|>
[48]
Wells Fargo Admits To Nearly Twice As Many Possible Fake Accounts
two-thirds more than the 2.1 million the bank had previously acknowledged.
[49]
Here's what the Wells Fargo cross selling scandal means for the bank
Oct 19, 2022 · The bank opened at least 3.5 million fraudulent accounts for unwitting customers, according to researchers at the Harvard Business School.<|separator|>
[50]
Wells Fargo to Pay $500 Million for Misleading Investors ... - SEC.gov
Feb 21, 2020 · ... fake accounts for unknowing ... Wells Fargo opened millions of accounts of financial products that were unauthorized or fraudulent.
[51]
Wells Fargo Fake Account Scandal - Center for Progressive Reform
Jan 18, 2020 · The bank admitted to cheating customers out of nearly $11 million in improper charges and fees related to the fake accounts, though the total damages are ...
[52]
Wells Fargo Fake Accounts Scandal - Seven Pillars Institute
Mar 15, 2017 · Upon internal investigation into fraudulent accounts Wells Fargo dismissed 5300 retail-banking employees. These dismissals came after the ...
[53]
Wells Fargo Board Releases Findings of Independent Investigation ...
Apr 10, 2017 · This exhaustive investigation identified serious issues related to Wells Fargo's decentralized structure and the sales culture of the Community Bank.
[54]
Wells Fargo Agrees to Pay $3 Billion to Resolve Criminal and Civil ...
Feb 21, 2020 · “This settlement holds Wells Fargo accountable for tolerating fraudulent conduct that is remarkable both for its duration and scope, and for its ...
[55]
Wells Fargo Bank, N.A. | Consumer Financial Protection Bureau
Aug 8, 2023 · The Consumer Financial Protection Bureau (CFPB) fined Wells Fargo Bank, NA $100 million for the widespread illegal practice of secretly opening unauthorized ...Missing: regulators | Show results with:regulators
[56]
[PDF] Civil Money Penalty & Prohibition - OCC.gov
Jan 22, 2020 · John Stumpf. Former Chairman and Chief Executive Officer. Wells Fargo Bank, N.A.. Sioux Falls, South Dakota. ) ) ) ) ) ) ) ) AA-EC-2019-83.Missing: join | Show results with:join
[57]
An Examination of Wells Fargo's Unauthorized Accounts and the ...
Sep 20, 2016 · An Examination of Wells Fargo's Unauthorized Accounts and the Regulatory Response ; Date: Tuesday, September 20, 2016 ; Time: 10:00 AM ; Location: ...Missing: exchanges | Show results with:exchanges
[58]
None
### Key Statements from John Stumpf’s Testimony
[59]
[PDF] an examination of wells fargo's unauthor- ized accounts and the ...
Sep 20, 2016 · But first today we will receive testimony from John Stumpf—he is ... [http://www.warren.senate.gov/ wellsfargo/]. Chairman SHELBY. Without ...
[60]
Wells CEO John Stumpf says he is 'deeply sorry' but denies ... - CNBC
Sep 29, 2016 · During the Senate hearing, Stumpf faced questioning of varying intensity. Sen. Elizabeth Warren called on him to resign and give back the money ...Missing: key exchanges
[61]
Wells Fargo CEO Discusses Secret-Accounts Scandal In Senate ...
Sep 20, 2016 · During testimony before the Senate Banking Committee on Tuesday, Wells Fargo Chairman and CEO John Stumpf apologized for betraying customers' trust.Missing: key | Show results with:key
[62]
Elizabeth Warren Accuses Wells Fargo Chief of 'Gutless Leadership'
Sep 20, 2016 · John Stumpf, the bank's chief, endured the Senate Banking Committee's bipartisan wrath over the creation of millions of bogus accounts.
[63]
Elizabeth Warren to Wells Fargo CEO: resign, give back earnings ...
Sep 20, 2016 · While testifying in front of the Senate banking committee, Stumpf said he was “deeply sorry” that the bank let down its customers and apologized ...
[64]
Angry lawmakers blast Wells Fargo CEO John Stumpf - CBS News
Sep 29, 2016 · House panel members say bank may have broken racketeering laws, saying it engaged in "fraud" and "theft"
[65]
Wells Fargo boss urged to resign over accounts scandal - BBC News
Sep 20, 2016 · During fierce criticism from a panel of US senators, Wells Fargo chief executive John Stumpf was told to resign over a bogus accounts scandal.
[66]
Hensarling Opening Statement at Wells Fargo Hearing
Sep 29, 2016 · All culpable individuals must be held accountable. And while the fine Wells Fargo will pay – roughly 3 percent of the bank's second quarter ...
[67]
Wells Fargo CEO faces lawmakers, apologizes again | PBS News
Sep 29, 2016 · John Stumpf faced more bipartisan outrage from the House Financial Services Committee, following a grilling he received last week from a Senate ...
[68]
WATCH: Wells Fargo CEO John Stumpf Faces House Panel Over ...
Sep 29, 2016 · In his opening remarks, Stumpf had refused to accept the contentions made by Sen. Elizabeth Warren and others in a Senate hearing last week ...
[69]
Federal regulators ban former Wells Fargo CEO from banking industry
Jan 23, 2020 · John Stumpf also fined $17.5 million for his role in scandal in which bank employees opened millions of fake accounts.
[70]
The Art Of The Cross-Sell - Forbes
Jan 25, 2012 · Cross-selling, the strategy of selling multiple financial products to existing customers, is easier said than done in the banking industry.<|separator|>
[71]
In Defense of John Stumpf and Wells Fargo | Fox Business
Sep 22, 2016 · The fraud wasn't simply the result of some bad apples who “don't represent the company's culture,” as Stumpf repeatedly said, but an overzealous ...
[72]
Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts
Oct 13, 2016 · Stumpf, 63, is retiring from both posts effective immediately, the bank said Wednesday in a statement . Tim Sloan, 56, the chief operating ...
[73]
Wells Fargo CEO retires amid accounts scandal and is replaced by ...
Oct 12, 2016 · He grew up on a dairy farm outside tiny Pierz, Minn., and earned degrees from St. Cloud State University and the University of Minnesota. Stumpf ...
[74]
Timeline of the Wells Fargo Accounts Scandal - ABC News
Nov 3, 2016 · Separately, Stumpf resigned from his position on the Federal Advisory Council, which meets with the Federal Reserve four times a year to ...<|separator|>
[75]
Wells Fargo boss John Stumpf steps down - BBC News
Oct 12, 2016 · Embattled Wells Fargo boss John Stumpf resigns amid a scandal over the bank's sales tactics involving two million unauthorised accounts.
[76]
Wells Fargo CEO John Stumpf quits, replaced by Tim Sloan | Reuters
Oct 13, 2016 · San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer ...Missing: details | Show results with:details
[77]
Wells Fargo Chief Abruptly Steps Down - The New York Times
Oct 12, 2016 · The scandal engulfing Wells Fargo toppled its chairman and chief executive on Wednesday, as John G. Stumpf announced his departure from the company, effective ...Missing: details | Show results with:details
[78]
Why Wells Fargo's CEO had to resign.
Oct 13, 2016 · The unexpected resignation of Wells Fargo CEO John Stumpf Wednesday afternoon broke a familiar pattern of scandals in the banking industry.
[79]
Wells Fargo CEO Stumpf retires effective immediately - CNBC
Oct 12, 2016 · Wells Fargo said on Wednesday that Chairman and CEO John Stumpf will retire effective immediately in the wake of a sales scandal at the bank.Missing: details | Show results with:details
[80]
Wells Fargo CEO John Stumpf Retires, Effective Immediately
Oct 12, 2016 · Wells Fargo said on Wednesday that Chairman and CEO John Stumpf will retire effective immediately in the wake of a sales practice scandal at the bank.
[81]
John Stumpf exits Wells Fargo after account scandal - CBS News
Oct 12, 2016 · The Wells Fargo (WFC) wagon rolled over John Stumpf on Wednesday, as the scandal-ridden bank announced his resignation as chairman and chief executive officer.Missing: details | Show results with:details<|control11|><|separator|>
[82]
Wells Fargo to Claw Back $41 Million of Chief's Pay Over Scandal
Sep 27, 2016 · Wells Fargo announced on Tuesday that it would claw back compensation valued at $41 million from its embattled chairman and chief executive, John G. Stumpf.
[83]
Wells Fargo CEO To Forfeit Tens Of Millions In Stock Awards Amid ...
Sep 27, 2016 · Wells Fargo says its CEO John Stumpf will forfeit outstanding stock awards worth about $41 million in response to the scandal involving ...
[84]
Wells Fargo's CEO pay clawback puts Wall Street executives on notice
Sep 28, 2016 · Wells Fargo's rule is written broadly enough that Stumpf was subject to a clawback even though the bank's $185 million fine did not force it to ...
[85]
Wells Fargo board slams Stumpf and Tolstedt, claws back millions
Apr 10, 2017 · The board is announcing that it has decided it is necessary to claw back an additional $28 million of pay from former CEO John Stumpf.
[86]
Wells Fargo Claws Back $75 Million More From 2 Executives Over ...
Apr 10, 2017 · The board is clawing back an additional $47 million from Carrie Tolstedt, who headed the troubled sales division, and $28 million from former CEO John Stumpf.
[87]
Thinking About the Wells Fargo Executive Compensation Clawbacks
Apr 11, 2017 · The total value of compensation forfeitures and clawbacks from Stumpf is approximately $69 million. According to the New York Times (here), the ...
[88]
Wells Fargo to pay $3 billion to DOJ, SEC to resolve criminal, civil ...
Feb 21, 2020 · Stumpf agreed to a lifetime ban from the banking industry related to the bank's fake accounts scandal and related underlying toxic sales culture ...
[89]
https://www.bankingdive.com/news/occ-drops-fine-wells-fake-accounts-settlement-claudia-russ-anderson/803645/
[90]
Wells Fargo completes Wachovia purchase - Reuters
Jan 1, 2009 · Wells Fargo & Co <WFC.N> said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the ...Missing: success | Show results with:success
[91]
The Merge Of Wells Fargo And Wachovia Is Completed
Jan 4, 2009 · Wells Fargo & Company has completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America's most extensive distribution ...
[92]
Wells Fargo CFO: Wachovia Merger Behind Record Profits - CNBC
Apr 9, 2009 · Wells Fargo's acquisition of Wachovia late last year helped the bank generate a surprisingly healthy $3 billion in earnings for the first ...
[93]
Wells Fargo's John Stumpf is CEO of the Year - SFGATE
Apr 19, 2009 · Education: Bachelor's degree in finance from St. Cloud State University in Minnesota and master of business administration with an emphasis ...Missing: background | Show results with:background
[94]
Wells Fargo Struggles To Restore Growth Momentum
Jul 18, 2011 · Wells has added 2 million customer households and $57 billion in deposits since the Wachovia deal, including an 8.5 percent net increase in ...
[95]
John Stumpf's career took him from childhood poverty to helm of ...
Oct 13, 2016 · Wells Fargo's former Chairman and CEO John Stumpf was the pride of small town Minnesota as his banking career led him to the pinnacle of ...
[96]
In Statement to Senate, Wells Fargo Chief Is 'Deeply Sorry'
Sep 19, 2016 · Mr. Stumpf has been criticized for publicly attributing the illegal activity to approximately 5,300 employees who were fired as a result of the ...
[97]
Wells Fargo updates: CEO John Stumpf 'failed to disprove ... a ...
Sep 20, 2016 · Chief Executive John Stumpf most likely will face some hostile questioning about the bank's improper sales tactics at today's Senate Banking ...
[98]
Wells Fargo's Corrupt Culture and Its Consequences - Daniels Fund
Former Chief Executive Officer (CEO) John Stumpf and other top executives recently settled a federal case brought by the Office of the Comptroller of Currency, ...
[99]
Ex-Wells Fargo CEO John Stumpf misled investors in accounts scam
Nov 13, 2020 · The two executives had certified in 2015 and 2016 investor disclosures that touted the firm's supposedly robust "cross-sell" metric, despite ...
[100]
John Stumpf: Ex-Wells Fargo boss pays $17.5m to settle charges
Jan 23, 2020 · Former Wells Fargo chief executive John Stumpf is to pay $17.5m (£13.3m) to settle charges over the bank's fake accounts scandal. He was also ...Missing: facts | Show results with:facts
[101]
Unprecedented Enforcement Actions Against Eight Former Wells ...
Feb 14, 2020 · OCC issues notice of charges against five former senior Wells Fargo bank executives, announces settlements with others.<|control11|><|separator|>
[102]
Wells Fargo and the Slippery Slope of Sales Incentives
Sep 20, 2016 · In early September Wells Fargo agreed to pay a $185 million fine and return $5 million in fees wrongly charged to customers.
[103]
[PDF] The Wells Fargo Scandal and Efforts to Reform Incentive-Based ...
Mar 1, 2017 · Without proper safeguards, incentive-based compensation arrangements in financial institutions may encourage excessive risk-.
[104]
Evidence from the Wells Fargo cross-selling scandal - ScienceDirect
Our paper looks into Wells Fargo's 2016 “cross-selling” scandal to test the negative sentiment contagion effect on its mortgage business.
[105]
Lessons Learned from the Wells Fargo Sales Practices Investigation ...
Apr 22, 2017 · The bank has taken a number of remedial actions, including discontinuing the relevant sales goals, reforming incentives, terminating five senior ...
[106]
Report: Sales Pressure Returns to Wells Fargo: Employees sound ...
Apr 3, 2025 · In 2016, in response to the fake account scandal, Wells Fargo instituted “Change for the Better,” during which branch managers held multi-day ...