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John Gerard Stumpf (born September 15, 1953) [2] is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005.
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And in John Stumpf's case, it was a fake-account scandal in which low-level employees were, if a growing multitude of allegations are to be believed, all but forced to commit fraud in order to ...
Wells Fargo's sales culture and cross-selling strategy, and their impact on customers, were documented by the Wall Street Journal as early as 2011. [5] In 2013, a Los Angeles Times investigation revealed intense pressure on bank managers and individual bankers to produce sales against extremely aggressive and even mathematically impossible [7] quotas. [8]
In April 2017, Wells Fargo's board of directors released a report on the account fraud scandal accusing Tolstedt of downplaying problems at Wells Fargo's banks. The same report recommended that the bank take back $47.3 million in stock options Tolstedt had received, in addition to $19 million they had already taken back from her. [2]
Wells Fargo & Co's board of directors awarded Chief Executive Timothy Sloan $12.8 million for his work last year, a 17 percent increase.
Stumpf will retire after a Congressional probe and lawsuits following complaints that fake customer accounts were opened. Wells Fargo CEO John Stumpf retires, replaced by Tim Sloan Skip to main ...
[7] [15] [17] The scandal made headlines in October 2002, when St. John's settled a dozen lawsuits regarding the abuse. [17] [34] Joshua at some point had discovered the monks also lived in Metten Court and St. Maur. [34] His friends and family say the abuse "outraged" him, and Internet searches about the scandal had been on his computer. [4]