John Stumpf left Wells Fargo & Co. with his image in tatters, lost more than $70 million through forfeitures and a clawback and now faces a government fine and a lifetime ban from the financial industry.Even after subtracting the clawback and forfeitures, the bank’s former chief executive officer stepped away with stock worth more than $80 million, according to calculations by Bloomberg.
While Stumpf’s nest egg is big, his pay during his nine-year term as CEO was hardly outsized when compared with that of other banking chiefs. And although he was subject to a clawback — a measure that’s rarely used on public-company executives — there’s no precedent among U.S. companies to attempt to recoup an executive’s salary because of wrongdoing.
In September of that year, Stumpf was berated by lawmakers in two hearings on Capitol Hill, with many of them calling for his resignation. Weeks later, he stepped down.
What else is new
The type of response When you have 'F*** You money' Wells Fargo signed me up for a investment account that took money out of my deposit every month for two years, and NEVER invested it It was held in a O% interest holding account instead. Then they charged me for non activity
That's probably because Wells Fargo stole billions from their customers. Paying a few million is nothing when you made billions
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Former Wells Fargo CEO banned from banking industry and fined $17.5 millionFormer Wells Fargo CEO John Stumpf on Thursday agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in leading the bank through its massive fake accounts scandal. Wells Fargo is a joke Thank God for that awesome consumer protection agency 'Agreed to'? Since when did criminal punishment become optional? So he's sentenced to not being allowed to continue committing fraud, and repay a fraction of his stolen money. Wow.
Source: CNN - 🏆 4. / 95 Read more »
Former head of Wells Fargo banned from banking after role in sales scandalThe former head of Wells Fargo who presided over the bank's cross-selling scandal has been barred from ever working for a bank, federal officials announce Sounds like someone's ready to work for the Trump administration! So this rich man’s “punishment” for criminal activity is early retirement. Smh Stumpf will just run for Congress on GOP ticket because CorruptGOP will fund his campaign with Rubles & tRUmp will appoint him to his Cabinet. And so here we are.
Source: NBCNews - 🏆 10. / 86 Read more »
Former Wells Fargo CEO fined $17.5M for sales scandalFederal regulators have slapped former Wells Fargo CEO John Stumpf with a $17.5 million fine for his role in the bank's sales practices scandal. He can afford it. Slap on the wrist for this guy That second yacht will have to stay in layaway I suppose. 🥱
Source: ABC - 🏆 471. / 51 Read more »
U.S. bank regulator sharpens teeth on Wells Fargo, surprising criticsLong accused of being too soft, a U.S. bank regulator has surprised its critics ... “Long accused of being too soft, a U.S. bank regulator has surprised its critics” The government is doing the minimum with the Wells Fargo’s officials, but it’s 100 times better than how the Obama administration treated the criminal bankers. corruption BarackObama How convenient in an election year everybody starts putting on their big boy pants.
Source: Reuters - 🏆 2. / 97 Read more »
U.S. bank regulator charges ex-Wells Fargo executives for role in sales scandalWells Fargo & Co's U.S. regulator on Thursday announced it had banned forme... How about all the millionaires who made a killing selling mortgage bundles that crashed the economy? Burn Probably 30 days home detention and must give up Snickers bars for a year.
Source: Reuters - 🏆 2. / 97 Read more »
Ex-Wells Fargo leaders personally face $59 million in fines; Stumpf banned from industryWells Fargo ex-CEO John Stumpf agreed to pay a $17.5-million penalty and be banned from the banking industry. Not enough. They execute bad bankers in Vietnam Good It’s about time the corrupt people pay for their thefts!
Source: latimes - 🏆 11. / 82 Read more »