Perhaps, like the apparently mythical figure of the investor who’s sure, in spite of all available evidence and history and the apparent will of an angry God, that Wells Fargo has turned a corner and is ready to start printing money for shareholders, there really was a bank out there somewhere in this vast and exceedingly stupid land that looked at its problems and thought, “There’s only one solution here: John Stumpf.” Perhaps these people stopped reading the financial press in early 2016 and believed, like John Cryan before them, that there was no finer bank out there, and only one man who’d led that bank to the promised land. Well, we have bad news for that bank today: The dream of a Stumpfian renaissance is well and truly dead.
The U.S. government announced Thursday that former Wells Fargo CEO John Stumpf has been banned from ever working at a bank again and will pay $17.5 million for scandals in which millions of fake accounts were set up to meet sales quotas…. Scharf added that “Wells Fargo will not make any remaining compensation payments that may be owed to these individuals while we review the filings.”
And, before you go and give your second choice a call: No, Carrie Tolstedt’s probably not available, either.
The OCC also said the former head of Wells Fargo’s Community Bank unit, Carrie Tolstedt, is still fighting the allegations against her. The regulator also seeks a prohibition order and $25 million from Tolstedt.