Close Topic Options

Wells Fargo - Page 2

Wells Fargo Exec Who Headed Phony Accounts Unit Collected $125 Million:

A spokesperson for Wells Fargo said that the timing of Tolstedt's exit was the result of a "Personal decision to retire after 27 years" with the bank. The spokesperson declined to comment on whether the bank was considering clawing back Tolstedt's back pay. Ref. Source 1t.

Fargo Wells

Wells Fargo CEO: Apologizes for opening of accounts without customers' permission but says it wasn't a scheme

CEO John Stumpf will apologize to Congress in his prepared testimony but vows scandal wasn't 'orchestrated' and says company has implemented measures to overhaul the sales culture that produced more than 2 million fake accounts, according to a copy of his prepared remarks provided to USA TODAY.

Wells Fargo History & Civil Business Politics

What is coming to light here is something that happens all the time in these big firms. The actual crime is not the same but the fact that they leech their customers and others in order to make ridiculous amounts of profit is not unheard.

Page 2 Fargo Wells

Wells Fargo CEO to forfeit $41M, forgo pay amid fake-accounts probe; another exec leaves

Members of Wells Fargo's Board of Directors have launched an investigation into the company's retail banking sales practices. Under the investigation, they agreed with CEO John Stumpf that he will forfeit his outstanding unvested equity awards valued around $41 million. They also decided that Carrie Tolstedt, the former head of community banking who left in the wake of the fraud, will not receive a bonus or severance. Ref. USAToday.

Fargo Wells

What is interesting is all of this is being put on the current CEO of Stumpf. When all of this took place mostly during the tenure of the past CEO who has retired with a nice pension. But we are not supposed to see the time line and understand all of that as we are just customers.

Wells Fargo

Wells Fargo CEO John Stumpf will retire effective immediately, the company has announced.

The stunning downfall for one of the banking industry's most powerful figures comes amid a national uproar that erupted after regulators accused Wells Fargo of creating more than 2 million fake bank and credit card accounts. Ref. CNN.

Wells Fargo - Page 2

Wells Fargo axes bonuses for 8 top executives, including CEO Tim Sloan, amid fake accounts scandal

The execs will also have their equity share awards from 2014 cut by up to 50%. The actions come as the banking giant investigates a scandal involving the opening of millions of accounts unauthorized by customers. Ref. USAToday.

Wells Fargo Politics Business Civil & History - Page 2

This is as it should be. People should not be getting bonuses due to illegal activity. Wells Fargo has really tainted their image with this.