John Stumpf

10 Stories

Wells Fargo CEO Steps Down Amid Sales Scandal

John Stumpf retiring as CEO, giving up chairman title

(Newser) - Wells Fargo's embattled CEO John Stumpf is stepping down as the nation's second-largest bank is roiled by a scandal over its sales practices, the AP reports. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier... More »

Wells Fargo Hits CEO With 'Aggressive' $41M Clawback

John Stumpf also forfeits bonus, part of salary, will work for free during investigation

(Newser) - John Stumpf, the Wells Fargo CEO slammed for his "gutless leadership" by Sen. Elizabeth Warren last week, is going to have to tighten his belt a little this year: He will forfeit his bonus, part of his salary, and $41 million in stock awards over the fake-account scandal that... More »

Elizabeth Warren Slams Wells Fargo CEO as 'Gutless'

Says he should 'be criminally investigated'

(Newser) - Sen. Elizabeth Warren went after Wells Fargo CEO John Stumpf during a Senate hearing Tuesday with the kind of heat she usually reserves for Donald Trump tweetstorms . "You should resign ... and you should be criminally investigated," NPR quotes Warren as saying. Stumpf was in front of the Senate... More »

This Could Be Rough Day for Wells Fargo CEO in Senate

John Stumpf will be apologizing to panel over fake accounts

(Newser) - Things could get ugly Tuesday for Wells Fargo CEO John Stumpf, who has the pleasure of appearing before the Senate Banking Committee to answer questions about why on earth his bank created about 2 million fake bank and credit card accounts on behalf of clients without their permission. Employees allegedly... More »

JPMorgan Might Dock Dimon's Bonus Over 'Whale'

He will likely no longer be top-paid banking executive as a result

(Newser) - He probably won't win a lot of sympathy for this, but it looks like JPMorgan's Jamie Dimon is going to lose bragging rights of being the nation's highest-paid banking exec. The board is expected to dock Dimon's 2012 bonus because of the disastrous "London whale"... More »

Protesters Crash Wells Fargo Meeting

Shareholding activists demand end to foreclosures

(Newser) - Some 15 shareholders were arrested for disrupting Wells Fargo's annual shareholder meeting in San Francisco yesterday. The protesters—allowed in because they own Wells Fargo shares—were ejected after shouting over CEO John Stumpf's presentation about the bank's $15.9 billion profit in 2011, reports the San ... More »

Fed Hits Wells Fargo With Record $85M Fine

Bank accused of mortgage abuses

(Newser) - Wells Fargo has agreed to cough up $85 million to settle allegations that it steered borrowers with good credit towards expensive subprime mortgages and falsified information on borrowers' income on loan documents. The Federal Reserve says the fine, the first levied in relation to the predatory big-bank practices blamed for... More »

Wall St.'s Top Bonuses Go to No-Names

Lloyd Blankfein's pay looks puny compared to John Stumpf's

(Newser) - In the public imagination, Goldman Sachs gives the biggest bonuses around, but this year CEO Lloyd Blankfein’s $9.6 million payday doesn’t even crack the top 10 in the financial industry. Instead, the top spot is occupied by decidedly less famous Wells Fargo CEO John Stumpf, who pulled... More »

Bank CEOs' Obama Meeting Spurs Talk of Togetherness

(Newser) - CEOs of the nation’s largest banks today assured President Obama they understand their institutions are vital to economic recovery and pledged to do all they can to help the government, Bloomberg reports. Following today’s White House meeting, Wells Fargo’s CEO said “the basic message” of the... More »

CEO Passes Reins at Wells Fargo

Successor will continue bank's strategy

(Newser) - Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning... More »

10 Stories