{"id":99,"date":"2020-01-23T21:22:59","date_gmt":"2020-01-23T21:22:59","guid":{"rendered":"https:\/\/www.esgtoday.com\/?p=99"},"modified":"2020-05-22T14:26:37","modified_gmt":"2020-05-22T14:26:37","slug":"wells-fargo-former-ceo-banned-from-banking-industry","status":"publish","type":"post","link":"https:\/\/www.esgtoday.com\/wells-fargo-former-ceo-banned-from-banking-industry\/","title":{"rendered":"Wells Fargo Former CEO Banned from Banking Industry"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\">Regulator bans, fines executives<\/h2>\n\n\n\n<p>In a settlement with The Office of the Comptroller of the\nCurrency (OCC) Wells Fargo former CEO John Stumpf has agreed to pay $17.5\nmillion and will be banned from the banking industry, due to his role in Wells\nFargo\u2019s notorious fake account scandal.<\/p>\n\n\n\n<p>The bank\u2019s former chief administrative officer and chief\nrisk officer also settled with the OCC, for combined fines of $3.5 million.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fake account scandal<\/h3>\n\n\n\n<p>The scandal has plagued Wells Fargo\u2019s reputation since\nSeptember 2016, when the bank was fined $185 million by the Consumer Financial\nProtection Bureau, the Office of the Comptroller of the Currency, and the City\nand County of Los Angeles, after it had been discovered that employees had\ncreated 1.5 million fake accounts and issued 500,000 fake credit cards, all in\ncustomers\u2019 names, and without their permission. <\/p>\n\n\n\n<p>Investigations into the scandal revealed a system of extreme\npressure, from the top down, on bank managers and bankers to reach aggressive,\nnearly impossible sales quotas.&nbsp; Further\nscrutiny uncovered a culture of weak governance, resulting in the discovery of\nnumerous related scandals at the bank.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Musical chairs CEOs<\/h3>\n\n\n\n<p>Mr. Strumpf stepped down as CEO in October 2016, shortly\nafter the news of scandal broke, and was replaced by Timothy Sloan, who had\npreviously served as the bank\u2019s COO and CFO. Mr. Sloan resigned in early 2019,\nafter struggling for over two years to recover from the scandal and rebuild\nWells Fargo\u2019s public reputation. The bank most recently hired outsider Charles\nW. Scharf as its new President and CEO.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Still paying the price<\/h3>\n\n\n\n<p>Since news of the scandal broke, Wells Fargo has seen\nsignificant turnover in its senior management ranks, and thousands of employees\nhave been let go. The bank\u2019s financial results and share price have\nsignificantly lagged its large-cap U.S. banking peers as well. <\/p>\n\n\n\n<p>Wells Fargo\u2019s poor governance has cost the bank billions in\nfines, fees, and lost earnings.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-99\" data-postid=\"99\" class=\"themify_builder_content themify_builder_content-99 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n<span class=\"et_bloom_bottom_trigger\"><\/span>","protected":false},"excerpt":{"rendered":"<p>Regulator bans, fines executives In a settlement with The Office of the Comptroller of the Currency (OCC) Wells Fargo former CEO John Stumpf has agreed to pay $17.5 million and will be banned from the banking industry, due to his role in Wells Fargo\u2019s notorious fake account scandal. The bank\u2019s former chief administrative officer and [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":100,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[6,14,28],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wells Fargo Former CEO Banned from Banking Industry - ESG Today<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.esgtoday.com\/wells-fargo-former-ceo-banned-from-banking-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wells Fargo Former CEO Banned from Banking Industry - ESG Today\" \/>\n<meta property=\"og:description\" content=\"Regulator bans, fines executives In a settlement with The Office of the Comptroller of the Currency (OCC) Wells Fargo former CEO John Stumpf has agreed to pay $17.5 million and will be banned from the banking industry, due to his role in Wells Fargo\u2019s notorious fake account scandal. 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