aside Breaking News: Wells Fargo’s CEO John Stumpf Is Retiring Immediately

bank-j-s-card9-wellsfargotimeline-v2bToday, 10/12/16 the LA Times is breaking the story that the Wells Fargo CEO (Chief  Executive Officer), John Stumpf is retiring immediately.

Here is the story by James Rufus Koren:

Advertisements

2 comments

  1. Gronda, this had to happen and is well-earned. You have done excellent reporting on this. What is interesting is employees complained about the fraudulent practices of setting up bogus accounts for a long while, yet no action was taken. Think about this. This is not your normal complaint about process being too cumbersome or ineffective. These employees were complaining about fraud in a bank. And, yet no action was taken.

    Well, now action is being taken.
    Keith

    • Dear Keith,

      I am probably going to update this post. I am convinced that the hard push for cross sells and the unrealistic sales goals which tempted employees to create bogus accounts dates back to at least 2004.

      The scope of this practice will only expand, once investigators start digging. He knows this. For example this practice also occurred with their small business accounts.

      His leaving now, limits his exposure to some extent. I wonder if he bet on the stock rising, before he surprisingly announced that he was retiring immediately.

      I need to find out more about his replacement and if he is of the same culture. To have Wells Fargo recover from these scandals and succeed, the culture needs a c-change.

      Caio, Gronda

Comments are closed.