Wells Fargo bank accounts' scandal leads to a major reshuffle

Thursday, October 13th 2016 - 14:47 UTC

Full article 4 comments

Wells Fargo & Co's veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank's reputation and put Wall Street under renewed scrutiny. San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer Tim Sloan, 56. Read full article

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Hepatia
Amazing! A whole article about Stumpf's forced resignation without mentioning Elizabeth Warren once! It takes real skill to produce journalism this bad. Contratulations Mercopenguin.
Oct 14th, 2016 - 12:06 am - Link - Report abuse -1
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Briton
You will return to the asylum within the next month...lol
Oct 14th, 2016 - 06:37 pm - Link - Report abuse -3
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ChrisR
This disgraceful episode highlighted the complete lack of control by very senior management, only some of whom have 'paid the price' and had to leave with tons on money to help them cope. :o)
Oct 14th, 2016 - 07:51 pm - Link - Report abuse -1
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Captain Poppy
The man needs to see some real prison time. Besides the fact that he was the “buck stops here” person in charge during a time a finance company seemingly condoned criminal behavior of those below him all in the name of growth and EPS and market share, he sold 61 million dollars worth of stock just weeks before they were hit with a 182 million fine and shares dropped 15% , yet he made 27 million on the transaction......insider trading.

It's time the USA stop fining and start jailing the criminal actions of these ultra large greedy corporations. They want the rights of individuals, they can share the burdens of fucking up as well. The stories are endless of the nightmares these people are having regarding the accounts that they never knew they had......until the collectors came knocking.

Stumpf, next stop, a SEC interview.

As for Warren, I wonder how “Mr Market” would have fixed this without the CFPB?
Oct 15th, 2016 - 03:33 pm - Link - Report abuse 0
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