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John Gerard Stumpf (born September 15, 1953) [2] is an American business executive and retail banker. He was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005.
The creation of these fake accounts continues to have legal, financial, and reputational ramifications for Wells Fargo and former bank executives as recently as September 2023. [2] [3] Wells Fargo clients began to notice the fraud after being charged unanticipated fees and receiving unexpected credit or debit cards or lines of credit. Initial ...
And in John Stumpf's case, it was a fake-account scandal in which low-level employees were, if a growing multitude of allegations are to be believed, all but forced to commit fraud in order to ...
Former CEO John Stumpf was also hit with a $17.5 million civil penalty. Former Wells Fargo CEO barred from industry, other execs charged for role in phony account scandal Skip to main content
The company wants to bolster its reputation after creating millions of fake bank and credit card accounts, resulting in a large scandal and $185M in fines.
Wells Fargo's board of directors will release its investigation into the bank's fraudulent accounts scandal, pinning blame on two former executives.
The $2.5-million fine imposed by the SEC on Wells Fargo's John Stumpf isn't even a slap on the wrist. Column: In legal settlement, Wells Fargo's discredited ex-CEO gets a wet smooch from the SEC ...
In the 2016 scandal, bank employees opened 1.5 million bank accounts and 565,000 credit card accounts that customers did not request. Wells Fargo says it serves one in three U.S. households.