Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. John Stumpf became Chairman for Wells Fargo & Company in January 2010. Cloud State University on a provisional basis. The letter, signed by Michael Gibson, Director of the Division of Supervision and Regulation, cited Stumpf's complicity in ignoring the bank's poor risk management programs, and failure to initiate any serious investigation into its sales practices. He became chairman in January 2010. Others charged were: Claudia Ross Anderson, Community Bank group risk officer; James Strother, general counsel; David Julian, chief auditor; Paul McLinko, executive audit director. He became chairman in January 2010. Stumpf graduated in the bottom half of his high school class. Cloud State University, St. The bank also transferred customer funds between accounts without their approval, misled customers about its products, enrolled people in online banking without their sign-off and falsified customer information, according to the OCC. The new European data protection law requires us to inform you of the following before you use our website: We use cookies and other technologies to customize your experience, perform analytics and deliver personalized advertising on our sites, apps and newsletters and across the Internet based on your interests. "Too much pressure, feels like we have to treat team members poorly or walk a very grey line to meet expectations.”. His father is of German descent and his mother of Polish descent. Stumpf left the positions of chairman and CEO of Wells Fargo on October 12, 2016, following a scandal involving customer accounts and subsequent pressure from the public and lawmakers. Follow USA TODAY reporter Nathan Bomey on Twitter @NathanBomey. He notably did not hold the head of the Community Bank division, Carrie Tolstedt, accountable and failed to take other actions "to prevent the Bank from recklessly engaging in unsafe or unsound practices," the OCC alleged. [19] On January 23, 2020, Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the fake account scandal. Wells Fargo representatives did not immediately respond to a request seeking comment Thursday. Stumpf earlier already agreed to relinquish about $70 million in compensation, including stock awards, because of the scandal. [22], University of Minnesota Carlson School of Management, Office of the Comptroller of the Currency, "Mr John Gerard Stumpf - Director at Wells Fargo Bank, National Association", "Wells Fargo is now the nation's biggest bank by market value", "Wells Fargo CEO John Stumpf on Leadership, Corporate Citizenship, Sustainable Business & Accountability", "John G. Stumpf Biography – Chairman, President, and CEO – Wells Fargo",, "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts", "Wells Fargo boss urged to resign over accounts scandal", "Wells Fargo's CEO just got grilled by the Senate", "Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers", "Senator Elizabeth Warren Grills Wells Fargo CEO John Stumpf On WFC Cross-Selling CNBC", "Wells Fargo Board Actively Considering Executive Clawbacks", "Wells Fargo may claw back some of CEO John Stumpf's compensation", Banned: Former Wells Fargo chief executive barred from banking industry, "Accountability as Chair of Wells Fargo & Company Board of Directors",, Creative Commons Attribution-ShareAlike License, This page was last edited on 20 October 2020, at 16:37. January 23, 2020 5:35 pm. Search for: BIG STORIES. In May 2002, he was named Group EVP of Community Banking. The Stumpf was born to Elvira Stumpf, Herb Stumpf in the Minnesota and his father was dairy farmer. Cloud State University and Carlson School of Management (finance). She "knew" that the bank incentivized illegal activity, the OCC alleged. He was raised as a Catholic. [17][18] Two days later, Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay. … In a settlement with regulators, former Wells Fargo chief John Stumpf agrees to a lifelong ban from the banking industry and a $17.5 million fine. See our, Read a limited number of articles each month, You consent to the use of cookies and tracking by us and third parties to provide you with personalized ads, Unlimited access to on any device, Unlimited access to all Washington Post apps, No on-site advertising or third-party ad tracking. 20 stocks to buy in 2020: Apple, Amazon and Disney are among favorites of Wall Street pros, Your credit score is about to change: FICO scores, the 'most important numbers in your financial life,' will be altered, The case – laid out in detail in a 100-page notice of charges – reflects the latest development in a scandal that exposed what the OCC called a "systemic sales practices misconduct problem.". Posts about CEO John Stumpf written by PUBLIC USERS. John Gerard Stumpf (born September 15, 1953)[2] is a former American business executive and retail banker. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. Stumpf, the agency said, "was frequently informed by leaders" of the company's Community Bank division of the behavior but was told it was isolated and not systemic. Last Updated: January 30, 2020 10:47 am.

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