Wall Street Analysts Thrilled To See John Stumpf Clean Out His Desk

No offense or anything.

Elizabeth Warren isn't going to be happy until the ex-Wells Fargo chief pays back all the money he earned since 2005 (when the scam first started) and is criminally investigated; others are marking the fact that he had to box up his desktop Zen garden and rake as a win.


“The decision is good news in the short term because it removes a dark cloud of uncertainty that was hanging over the bank,” Ian Katz, an analyst at Capital Alpha Partners, said in a note Wednesday after the company announced Stumpf’s retirement...the announcement Wednesday “signals the board’s acknowledgment of the severity of the sales practice issue and its commitment to addressing the required changes,” analysts led by John Pancari at Evercore ISI wrote in a note to clients late Wednesday. They also will preserve the bank’s “still-solid culture and formidable banking presence throughout other areas of the company,” according to Evercore.

Wells Fargo CEO Exit Wins Over Analysts as Lawmakers Unsated [Bloomberg]