The Federal Reserve Board imposes an unprecedented enforcement action against Wells Fargo, restricting the bank from growing beyond its total asset size as of December 31, 2017—approximately $1.95 trillion. The asset cap represents the most severe punishment the Fed has imposed on a major bank in …
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 …
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 …
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. …