In response to the order, the bank pledged to replace a number of board members. John Stumpf, who was the CEO at the time of the 2016 scandal, resigned in October 2016, elevating then-COO Sloan to the position.
Date: Oct 18, 2018
Category: Headlines
Source: Google
US government urged Wells Fargo to probe its 401(k) tactics
The series of scandals began in September 2016 when Wells Fargo admitted to opening millions of fake accounts, a shocking disclosure that forced the ouster of longtime CEO John Stumpf and sparked hearings in Congress. The bank has also acknowledged forcing at least 570,000 customers into auto insura
September 27: Wells Fargo CEO John Stumpf forfeits pay. Stumpf says he will give up much of his 2016 salary, including a bonus and $41 million in stock awards. The first major executive leaves the company over the scandal. Carrie Tolstedt, who headed the division that created the fake accounts, step
Date: Apr 24, 2018
Category: Business
Source: Google
Wells Fargo Fined $1 Billion Over Consumer-Business Missteps
oubles began mounting in September of 2016, when authorities fined the firm $185 million for opening millions of accounts without customers permission. Then-CEO John Stumpf resigned, executives forfeited tens of millions of dollars in compensation, and, over time, much of the board was replaced.
Despite insisting his bank's illegal behavior originated with 5,300 low-level workers-- who got fired -- CEO John Stumpf eventually was forced to bow to the public outcry over the phony account scandal and stepped down in October 2016.
Date: Apr 11, 2018
Category: Business
Source: Google
Dropbox's First-Day Pop Should Give Investors Pause: DealBook Briefing
If Mr. Zuckerberg wants proof of that, he can ask John Stumpf, the former C.E.O. of Wells Fargo, and the banks current chief executive, Tim Sloan, how much information they were asked to provide. He could ask the same of the C.E.O. of United Airlines, Oscar Munoz, about his trip to Capitol Hill jus
changing the banks culture might be a difficult task, given its long history of pushing sales volume and cross-selling. Wells Fargos former CEO, John Stumpf, promoted eight is great as an internal mantra: Every bank customer should have a total of eight Wells Fargo accounts, cards, and loans. It was
They did not do a great job with that."The 1% that did it wrong, who we fired, terminated, in no way reflects our culture nor reflects the great work the other vast majority of the people do," former Wells Fargo CEO John Stumpf once said, in a particularly tone-deaf use of that commonplace. (Stumpf