Wells Fargo CEO John Stumpf Steps Down

#1

Post by smaili » Wed, Oct 12, 2016, 9:18 PM UTC

Wells Fargo CEO John Stumpf Steps Down
wsj.com

Re: Wells Fargo CEO John Stumpf Steps Down

#2

Post by webaholic » Wed, Oct 12, 2016, 9:32 PM UTC

Go Elizabeth Warren! Without her prodding, I am sure this would never have happened. He was very happy with firing the 5k employees and not taking any blame on himself for what was essentially his push.

Re: Wells Fargo CEO John Stumpf Steps Down

#3

Post by RKoutnik » Wed, Oct 12, 2016, 9:33 PM UTC

Meta: Looks like WSJ is smart enough now to detect the `web` links. I went directly to the site, hit paywall, backed out. Then went via the `web` link, same paywall. Went to `web` link in incognito, was able to read the (fairly anemic) article.

Re: Wells Fargo CEO John Stumpf Steps Down

#4

Post by honkhonkpants » Wed, Oct 12, 2016, 9:34 PM UTC

Honestly I still don't understand why this organization continues to exist. Banks are chartered by the government for the purpose of safeguarding deposits. This bank was engaged in fraud on a huge scale. Their charter should be terminated.

Re: Wells Fargo CEO John Stumpf Steps Down

#5

Post by Bud » Wed, Oct 12, 2016, 9:34 PM UTC

Whatever. Will he get a nine-figure golden parachute like the other senior exec who just left? If not, this does not impress me. Will any of his earnings and bonuses be clawed back? If not, this does not impress me. What about the other execs responsible?

Re: Wells Fargo CEO John Stumpf Steps Down

#6

Post by tomrod » Wed, Oct 12, 2016, 9:34 PM UTC

I would expect no less. Given the size of the issue, it's virtually impossible that he didn't know about it. I'm assuming competency here, as he was leading one of the largest banks in the world.

Re: Wells Fargo CEO John Stumpf Steps Down

#7

Post by dbg31415 » Wed, Oct 12, 2016, 9:35 PM UTC

Headline tomorrow, "John Stumpf Steps appointed chairman of the board of Wells Fargo."

Re: Wells Fargo CEO John Stumpf Steps Down

#8

Post by maxxxxx » Wed, Oct 12, 2016, 9:35 PM UTC

Bud wrote: post #5

Whatever. Will he get a nine-figure golden parachute like the other senior exec who just left? If not, this does not impress me. Will any of his earnings and bonuses be clawed back? If not, this does not impress me. What about the other execs responsible?

It will be a massive golden parachute. No doubt.

Re: Wells Fargo CEO John Stumpf Steps Down

#9

Post by howlin » Wed, Oct 12, 2016, 9:38 PM UTC

Bud wrote: post #5

Whatever. Will he get a nine-figure golden parachute like the other senior exec who just left? If not, this does not impress me. Will any of his earnings and bonuses be clawed back? If not, this does not impress me. What about the other execs responsible?

> Will any of his earnings and bonuses be clawed back?

They already have clawed back a lot of his bonus

http://money.cnn.com/2016/09/27/investing/wells-fargo-ceo-cl...

Re: Wells Fargo CEO John Stumpf Steps Down

#10

Post by fosco » Wed, Oct 12, 2016, 9:38 PM UTC

Bud wrote: post #5

Whatever. Will he get a nine-figure golden parachute like the other senior exec who just left? If not, this does not impress me. Will any of his earnings and bonuses be clawed back? If not, this does not impress me. What about the other execs responsible?

Don't let big goals overshadow small accomplishments.

Hopefully this sends a message to others. I believe this is at least a step in the right direction.