Items Tagged with 'John Stumpf'

ARTICLES

  • Wells Fargo claws back $75 million more from Stumpf, Tolstedt

    Internal investigation blames "cultural, structural, leadership issues" for fake accounts scandal
    Wells Fargo announced the results of an internal investigation into its recent fake accounts scandal, which found that cultural, structural and leadership issues were the root cause for its improper sales practices. Due to the investigation's conclusions, the company announced it will claw back even more from top executives, including former CEO John Stumpf, with the total now reaching more than $180 million.
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  • Wells Fargo splits Chairman and CEO roles in wake of fake account scandal

    Changes bylaws to ensure "independence"
    In the wake of Wells Fargo’s fake account scandal, which led to the bank being fined $185 million and other significant changes at the bank, some blamed the bank’s executive structure for allowing the millions of fake accounts to go unnoticed for so long. Moving forward, one person will not be allowed to serve as both chairman and CEO of the bank, as the bank’s board of directors announced this week that it is splitting the roles.
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  • Game changer: California investigating Wells Fargo for identity theft

    Could lead to charges against former employees who opened fake accounts
    A group of senators is already asking the Department of Justice to use a new policy to target individuals at Wells Fargo for corporate misconduct (and maybe even more) in the wake of the fake account scandal surrounding the bank. But the state of California is making a move that could lead to a whole new world of hurt for Wells Fargo, its current and former executives, and the 5,000 former employees who opened the fake accounts.
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  • Monday Morning Cup of Coffee: Illinois looks to end ties with Wells Fargo; TRID anniversary

    What's going on with Deutsche Bank?
    One year ago today marked a pivotal change in the industry: the CFPB officially held lenders, vendors and everyone in the industry accountable for the Know Before You Owe rule. Meanwhile, trouble is far from over for Wells Fargo as the city of Chicago and the state of Illinois add their names to the list of places that are still looking for retribution.
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  • Wells Fargo heat turned up: Oregon wants big changes, California wants Stumpf to resign

    Another state wants structural changes at embattled megabank
    The hot seat Wells Fargo CEO John Stumpf currently resides on is nowhere close to cooling off, especially in the wake of Stumpf’s rough appearance Thursday before the House Financial Services Committee to discuss the bank’s fake account scandal. Now, two separate states are calling for significant changes at Wells Fargo, with one calling for Stumpf's resignation.
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  • Maxine Waters: I'm going to move forward to break up Wells Fargo

    Ranking Member of House Financial Services Committee vows to break up bank
    Throughout Wells Fargo CEO John Stumpf’s rough day in front of the House Financial Services Committee, multiple representatives called for the bank to be broken up, suggesting that the megabank is simply too big to manage effectively. But as the hearing neared its conclusion, the ranking member of the committee, Rep. Maxine Waters, D-Calif., went beyond her fellow representatives’ calls to break up Wells Fargo, stating that she is going to actually move to break up the bank.
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  • Wells Fargo CEO, former executive forfeit millions as bank launches investigation

    Bank's board answers calls to claw back executive compensation
    When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Capitol Hill.
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  • Monday Morning Cup of Coffee: Wells Fargo employees file class action lawsuit

    Plus a political debate that will rival Super Bowl numbers and affordable housing
    The presidential candidates in Monday's debate will be asked questions on "achieving prosperity, securing America and America’s direction," which means that housing policy could theoretically be discussed, although I wouldn't create a drinking game around it. A surer bet would be attacks on "Wall Street banks" in general and one big bank in particular: Wells Fargo.
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