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Wed Oct 12, 2016, 04:18 PM

The CEO of Wells Fargo is out

Source: Business Insider

The CEO of Wells Fargo is out

Matt Turner and Bob Bryan


John Stumpf, the chairman and CEO of Wells Fargo is retiring effective immediately.

Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.

His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Sloan has primarily worked in commercial real estate lending during his time at the bank, and had only taken the position as COO in November.

The bank also appointed Stephen Sanger as non-executive chairman, splitting the CEO and chairman role. Elizabeth Duke has been named vice chair.

Stumpf resigns just two weeks after lawmakers, most notably Senator Elizabeth Warren, called for the CEO's resignation. Lawmakers also pushed for a split of the chairman and CEO roles.

Read more: http://www.businessinsider.com/wells-fargo-ceo-john-stumpf-out-2016-10

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Arrow 14 replies Author Time Post
Reply The CEO of Wells Fargo is out (Original post)
Chicago1980 Oct 2016 OP
Aristus Oct 2016 #1
DK504 Oct 2016 #2
Iggo Oct 2016 #3
CaliforniaPeggy Oct 2016 #4
LakeVermilion Oct 2016 #5
CaliforniaPeggy Oct 2016 #10
turbinetree Oct 2016 #6
houston16revival Oct 2016 #7
ChairmanAgnostic Oct 2016 #9
onehandle Oct 2016 #8
Eugene Oct 2016 #11
INdemo Oct 2016 #12
Chicago1980 Oct 2016 #14
INdemo Oct 2016 #13

Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:19 PM

1. Hope he'll be able to survive on his multi-million-dollar golden parachute...

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:23 PM

2. Say What?

So boo-boo kitty only has to resign? No indictment? No surrendering of illegal profits? No jail time?

So why haven't the COO, the CFO, ASSHOLES, mid-management or upper management been thrown out on their ass or had their asses hailed off to jail?

So nice to see the DOJ falling down on the job as usual.

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Response to DK504 (Reply #2)

Wed Oct 12, 2016, 04:25 PM

3. As long as they keep saying "scandal" instead of "crime", it's all good.

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:25 PM

4. So, he gets to walk away without any consequences?

That's just lovely.

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Response to CaliforniaPeggy (Reply #4)

Wed Oct 12, 2016, 04:49 PM

5. There are some financial implications:

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Response to LakeVermilion (Reply #5)

Wed Oct 12, 2016, 05:22 PM

10. Thanks for that excellent article!

I loved hearing Elizabeth Warren take that scummy CEO to task as well. She is a powerhouse!

Alan Johnson, managing director of compensation consulting firm Johnson Associates said: "Whatever progress had been made in lobbying some features now has been set back to zero,” he said. “Who is going to listen to the banking industry now?”

We shouldn't be listening to these people; we should be prosecuting them.

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:50 PM

6. This in some ways reminds me of what happened in the Nixon camp

, he gets a pardon, prior to being charged criminally and he goes off in the sun set and collects his retirement. And he says he wasn't a crook.

This is just totally wrong, and 5300 other people involved in this shenanigans gets fired, and whatever they have in there 401K is being used up to survive, because there resume looks like crap. And then this "guys' 401K is safe and sound and his stock options

Why do people go to a bank?

Why not join a credit union? And become a partner and owner!!!

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:51 PM

7. One Stumpf down, one Drumpf to go!

Progress is measured in small increments

If the two parts are completed, it will definitely be

"One small step for man, one giant leap for mankind"

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Response to houston16revival (Reply #7)

Wed Oct 12, 2016, 04:57 PM

9. Harrumph.

Teh Donald is only going to get worse as voting day approaches. I would not rule out violence on the part of his gaggle of silly geese.

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 04:53 PM

8. But he sent me an email blaming a bunch of minions and said everything's cool!

So much for that...

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 06:56 PM

11. Ah, poor Mr. Stumpf!

He's only getting a $134m retirement payout
without a golden parachute. It's not fair! /sarc

http://www.usatoday.com/story/money/business/2016/10/12/well-fargos-stumpf-may-envy-exit-pay-other-ceos/91970656/

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 09:52 PM

12. One more reason and one more action why we need Elizabeth Warren as the Senate

 

Last edited Wed Oct 12, 2016, 10:30 PM - Edit history (1)

Majority Leader !!!!

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Response to INdemo (Reply #12)

Wed Oct 12, 2016, 10:01 PM

14. That's probably going to be Chuck Schumer.

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Response to Chicago1980 (Original post)

Wed Oct 12, 2016, 09:53 PM

13. Duplicate Post ...deleted

 

Last edited Wed Oct 12, 2016, 10:29 PM - Edit history (1)

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