John Stumpf

Wells Fargo Scandal Scorecard: 5,300 Workers Fired, Zero Execs Prosecuted

2020-12-31 00:00:00 +0000 UTC | Importance: 10/10

After nearly a decade of systematic fraud, multiple investigations, Congressional hearings, and billions in penalties, the Wells Fargo fake accounts scandal concludes with a stark scorecard that defines two-tiered justice in American finance: 3.5 million fraudulent accounts affecting millions of …

Wells Fargo John Stumpf Carrie Tolstedt Department of Justice corporate-fraud wells-fargo two-tiered-justice corporate-accountability systemic-analysis

Stumpf Resigns as CEO, Retains Over $130 Million in Compensation

2016-10-12 00:00:00 +0000 UTC | Importance: 8/10

Wells Fargo CEO John Stumpf resigns effective immediately, ending his 34-year career at the bank amid the fake accounts scandal. Despite calls from Senator Elizabeth Warren and others for him to forfeit his compensation and face criminal charges, Stumpf departs with approximately $130-137 million in …

John Stumpf Wells Fargo Board Timothy Sloan corporate-fraud wells-fargo executive-compensation corporate-accountability

Wells Fargo Claws Back $41 Million from Stumpf's Compensation

2016-09-27 00:00:00 +0000 UTC | Importance: 7/10

Following intense Congressional pressure and public outrage, Wells Fargo announces that CEO John Stumpf will forfeit $41 million in unvested stock awards and his 2016 salary and bonus. The clawback represents the board’s first attempt to impose financial consequences on senior leadership for …

John Stumpf Wells Fargo Board corporate-fraud wells-fargo executive-compensation

CEO Stumpf Testifies Before Senate, Elizabeth Warren Demands Resignation

2016-09-20 00:00:00 +0000 UTC | Importance: 9/10

Wells Fargo CEO John Stumpf testifies before the Senate Banking Committee in a hearing titled “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.” Senator Elizabeth Warren delivers a devastating confrontation, accusing Stumpf of “gutless …

John Stumpf Elizabeth Warren U.S. Senate Banking Committee corporate-fraud wells-fargo congressional-oversight elizabeth-warren

Wells Fargo Fined $185 Million for Creating 2 Million Fake Accounts

2016-09-08 00:00:00 +0000 UTC | Importance: 9/10

The Consumer Financial Protection Bureau, Office of the Comptroller of the Currency, and Los Angeles City Attorney announce a combined $185 million settlement with Wells Fargo for the systematic creation of more than two million unauthorized deposit and credit card accounts. The CFPB assesses a $100 …

Wells Fargo John Stumpf Consumer Financial Protection Bureau Richard Cordray corporate-fraud banking-regulation wells-fargo regulatory-capture cfpb

Wells Fargo Sales Practices Investigation Begins

2013-12-23 00:00:00 +0000 UTC | Importance: 8/10

The Los Angeles Times investigates Wells Fargo’s aggressive sales practices, revealing systematic pressures on employees to create unauthorized accounts. The investigation exposes a corporate culture that incentivized fraud, with employees opening fake accounts to meet impossible sales quotas. …

Wells Fargo Board John Stumpf Scott Reckard (LA Times Reporter) corporate-fraud banking-regulation regulatory-capture wells-fargo

Wells Fargo Fires 5,300 Low-Level Workers While Executives Keep Jobs

2013-01-01 00:00:00 +0000 UTC | Importance: 8/10

Wells Fargo begins systematically firing approximately 5,300 low-level employees between 2011 and 2016 for creating unauthorized customer accounts, while the senior executives who designed the sales incentive systems and set impossible quotas face no disciplinary action. The firings demonstrate a …

Wells Fargo John Stumpf Carrie Tolstedt corporate-fraud wells-fargo economic-inequality corporate-accountability

Wells Fargo Employees Begin Creating 3.5 Million Fake Accounts

2011-01-01 00:00:00 +0000 UTC | Importance: 9/10

Wells Fargo employees begin a systematic scheme to create unauthorized bank and credit card accounts, ultimately affecting 3.5 million customer accounts over five years. Driven by aggressive sales targets and compensation incentives, employees open accounts without customer consent, forge …

Wells Fargo John Stumpf Carrie Tolstedt corporate-fraud banking-regulation wells-fargo financial-crime