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Wells Fargo CEO John Stumpf Steps Down

wsj.com

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Re: Wells Fargo CEO John Stumpf Steps Down

#51

Post by carsongross »

endswapper wrote: post #42
maxxxxx wrote: post #8

Earlier quoted context omitted.

It will be a massive golden parachute. No doubt.

"Financial details of Stumpf's retirement plan are unknown, but Equilar estimates he walks with $134.1 million from retirement. The package remains that large even after Stumpf last month agreed to a $41 million clawback following a grilling he received from the Senate Banking Committee reprimanding him for not taking responsibility. He agreed to give up unvested stock, but still owns shares vested in previous years.…

How do you "give up" unvested stock?

Re: Wells Fargo CEO John Stumpf Steps Down

#52

Post by a3n »

Bud wrote: post #43
howlin wrote: post #9

Earlier quoted context omitted.

> 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...

I did notice that story, but that's only impressive if they don't entirely cancel out the effect by giving him a gigantic golden parachute, which, tragically, would be the expected behavior here.

This situation is exactly what the gold in golden parachutes are for.

Re: Wells Fargo CEO John Stumpf Steps Down

#53

Post by ourmandave »

A previous article said he could leave with $200M which is not a golden parachute but built up over 30 years of working there.

This article says they could take back $41M in stock options, another $4M in bonuses, and probably $20M in 2016 pay. (They paid him $19.3M in 2015.)

$200M - $65M = f*ck me

Re: Wells Fargo CEO John Stumpf Steps Down

#54

Post by st3v3r »

He's still not actually being punished. He lost his job. Big deal; he's got a golden parachute. He's not going to go through any of the stress that any of the people he fired for this went through when they lost their jobs. He's not getting fined, he's not going to jail. The worst thing that happened to him is he got a tongue lashing from Warren.

Re: Wells Fargo CEO John Stumpf Steps Down

#55

Post by sangaya »

outworlder wrote: post #38
Smerity wrote: post #14

I highly recommend listening to a recent episode[1] of Planet Money. This was by no means an accident. As a short summary of one employee's plight: Ashley, working for them and making only $35k per year in San Francisco, was continually harassed to sign people up for accounts they didn't want. An old man comes in, pensioner, $200 in overdraft fees due to being duped into excess accounts. She dips into her own savings…

What's this "permanent blacklist"? Is that something on the financial sector?

It's FINRA's form U5. Wells listed her as discharged for "failing to perform job duties".

You can see the form here: https://www.finra.org/sites/default/files/form-u5.pdf

Re: Wells Fargo CEO John Stumpf Steps Down

#56

Post by greeneggs »

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?

They're fighting back. The structure of the CFPB (Consumer Financial Protection Bureau, which fined Wells Fargo for this) was declared unconstitutional yesterday [1].

[1] http://www.wsj.com/articles/federal-appeals-court-finds-stru...

Re: Wells Fargo CEO John Stumpf Steps Down

#58

Post by the_watcher »

mjevans wrote: post #35
RKoutnik wrote: post #3

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.

I would prefer an HN 'rule' that denies the listing of any articles that originate from paywall sites.

So a rule that denies listing articles from publications that regularly produce interesting stuff? That's the definition of cutting off your nose to spite your face.

Re: Wells Fargo CEO John Stumpf Steps Down

#59

Post by a3n »

jhou2 wrote: post #37
jackmott wrote: post #31

Why isn't anyone in jail again? We will choke a guy to death for selling cigarettes incorrectly, and can't put people stealing millions in jail.

Well, apparently in America, it helps to not be black.

If Stumpf were black we'd be reading the exact same story.
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