First he was flayed by Senator Elizabeth Warren, then Congress had a go, then everyone got to gnaw on the fact that he’d done some seriously criminal stuff, then it emerged that he’d been a party to the bank’s frauds since at least 2008, then we learned that his $200B bonus would be subsidized by taxpayers, then we learned that he walked through one of the bank’s notorious boiler rooms every day, then his board of directors clawed back a couple million.
Today, he quit.
Fuck you very much, John Stumpf, you crooked scumbag. See you in court.
According to Wells Fargo, Stumpf informed the bank’s board of directors that he is stepping down from his position as CEO, effective immediately. Tim Sloan, Wells Fargo’s President and Chief Operating Officer, has been selected by the board to succeed Stumpf.
Stumpf has been with Wells Fargo since the late ’90s, when the bank merged with Minneapolis-based Norwest Bank. He rose to the CEO gig in 2007, around the same time that there were early rumblings of what would become the current bogus account scandal.
Wells Fargo CEO John Stumpf “Retires” Amid Fake Account Fiasco
[Chris Morran/Consumerist]