Hot damn!!!!! Wells Fargo CEO, John Stumpf, is leaving, effective immediately.

[dixiegrrrrl]

Call it retirement, call it forced out, what ever
but the best news is...
"Wells Fargo spokesman says 'no severance payment or agreement related' to John Stumpf's departure"

3 cheers to Elizabeth Warren!!!!! She got more done in a couple of months about this guy than the entire Bush pResidency did about any of the banks.

Stumpf's departure comes just two weeks after lawmakers, most notably Sen. Elizabeth Warren, called for the CEO's resignation. Lawmakers had also pushed for splitting of the chairman and CEO roles.

Warren also called for a criminal investigation of Stumpf, claiming that both the Department of Justice and Securities and Exchange Commission should look into whether the CEO knowingly misled investors by not disclosing the opening of the fake accounts in financial statements. In an interview with CNBC following the news, newly-appointed CEO Tim Sloan said he was not aware of any criminal investigations of Stumpf.

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

[BlueStreak]

1. Claw back the money

[Wilms]

2. To spend more time with his defense attorney??

[Warpy]

3. I wonder how many millions it took to persuade him to go

The problem was insanely unrealistic "performance targets" from the top down that had every level of the culture there leanind on people below them to achieve the impossible so the bosses would get to keep their jobs.

I'm glad Stumpf is gone. Either he originated the problem or was oblivious to it. The real challenge is going to be changing the culture away from encouraging fraud by insisting on the impossible. It's going to be a tall order for everyone.

And of course, I'm not just talking about Wells Fargo.

[mike_c]

4. $134 million retirement package....

Stumpf is laughing all the way to the bank.

[Warpy]

6. Yeah, crime pays

but we already knew that.

[lindysalsagal]

5. Great! They did this to me. He had it coming.

They bought my mortgage from Wachovia, and my car dealer got my loan through them. I'm paying it off asap.

Hate, hate, hate WF.

PUt your personal accounts into local credit unions. I love mine. Screw big banks.

[dixiegrrrrl]

7. Our checking is in our local community bank.

No fees, practically free check re-fills, and they still do business over the phone.