#john stumpf

New Post has been published on https://stockcointalk.com/unprecedented-sanction-hits-wells-fargo/

Unprecedented sanction hits Wells Fargo

The American bank, at the origin of a vast scandal of opening of fictitious accounts, has no longer the right to grow. This sanction, pronounced by the Fed, is a first for an establishment of this size.

For her last day at the head of the US central bank, Janet Yellen has done well. The woman who will give the keys to the Fed on Saturday announced in a statement Friday a severe and unprecedented sanction against the number one mortgage in the United States, Wells Fargo. The bank, responsible for scandals concerning the creation of fictitious accounts by its employees and practices of loans deemed illegal, is banned any expansion until further notice. Unheard of for a banking behemoth, recognized officials of the regulatory authority at a press conference.

The growth of the assets of the California bank, one of the largest deposit banks in the United States, is frozen. And the condition for lifting this penalty is clear: a change “sufficient” its governance and its internal control system, said the Fed in its statement. This radical decision follows the “very many consumer abuses and other failures” of the bank.

As a reminder, in September 2016, the US Office of Consumer Financial Protection (CFPB) revealed that millions of fake accounts were created without the knowledge of customers between 2011 and 2016. These maneuvers have made it possible to collect commissions and other fees. A total of 3.5 million ghost accounts have been opened. Some employees will say they have been forced to defraud to fulfill the business objectives set by their management. Another scandal: the bank of San Francisco admits that more than half a million of its customers have paid unnecessary insurance premiums on their car loan, between 2012 and 2017. Follow new revelations, by the Wall Street Journal late 2017, of questionable business practices with corporate clients.

“You can not tolerate, in any bank, this pernicious and persistent conduct”

Janet Yellen, Chair of the Board of Governors of the Federal Reserve System

The bank has already been fined $ 185 million. The household was made in the workforce: some 5,300 employees were dismissed. John Stumpf, boss of Wells Fargo, will also leave in October 2016. A year later, four traders specializing in currency brokerage, including the boss of this trading room, are fired. The Fed today announced that four members of the Board of Directors will in turn leave the company, three by April and one by the end of the year. Their identity has not been revealed. “This pernicious and persistent conduct can not be tolerated in any bank, and customers who have been harmed by Wells Fargo are entitled to expect robust and comprehensive reforms so that these abuses do not happen again”, said Janet Yellen, who will replaced by Jerome Powell.

The Fed has also sent very virulent letters to several bank executives. One of them is addressed to the former boss, John Stumpf. “This letter is addressed to you because of the role you played as President during the period in which these problems occurred. You have not ensured that the board is informed in detail of these deficiencies (…) In addition, it does not appear that you have ordered a serious investigation into sales practices or any other failure that you should have been aware at that time, “writes the Fed, which describes the leader’s performance as” an example of ineffective supervision”.

More than 22 billion dollars in profits

The bank, for its part, simply says that it submits to the decision of the Fed and promises to provide a plan to reform the way it operates within 60 days. His problems will not stop there. The threat of heavier sanctions still weighs on her, as reported last December, Donald Trump. “The fines and penalties against Wells Fargo for their malfeasance against their customers and others will not be reversed as was incorrectly reported. They will be maintained and could be significantly increased. I am going to reduce the regulation but reinforce the fines if you are caught cheating”, wrote the American president.

New Post has been published on (Wells Fargo CEO gets grilled in Congress: Round II)

Wells Fargo CEO gets grilled in Congress: Round II

Wells Fargo aspersion explained Wells Fargo CEO John Stumpf, gluttonous to backlash from a adverse actualization afore the Senate, is already afresh attempting to quiet the abuse in Congress over his bank s conception of affected accounts. I am absolutely answerable for all bent sales practices in our retail cyberbanking business, and I am absolutely committed to acclimation this issue, Stumpf told the House Financial Services Lath on Thursday. We will not stop alive until we get this right. Stumpf s actualization comes amidst added calls for his abandonment afterwards aftermost week s poor assuming afore the Senate Cyberbanking Committee. That audition was accent by Senator Elizabeth Warren s ballsy appraisal of the Wells Fargo boss, that bound went viral on amusing media and was featured on late-night television. The key will be how Stumpf, CEO of Wells Fargo (WFC ) aback 2007, handles boxy questions about how a aspersion of this admeasurement — as abounding as 2 actor affected accounts and 5,300 accursed workers — was accustomed to appear for so long. Workers pin the accusation on a Wells Fargo pressure-cooker ability and berserk unrealistic sales goals set by top management. Related: Elizabeth Warren is still bent with Wells Fargo In accession to the hearing, the House lath is acquisition bags of pages of abstracts and affairs to annual Wells Fargo executives. I will not alternate to affair subpoenas. We will do what is all-important to get to the basal of this, Rep. Jeb Hensarling, the Republican administrator of the House committee, said on Thursday. Stumpf said Wells Fargo has begun contacting barter that accept accessible acclaim cards articular by a PricewaterhouseCoopers assay that were potentially unauthorized. He said that afterwards extensive out to added than 20,000 customers, beneath than 25% said they either did not administer or cannot recall. Stumpf said Wells Fargo is closing accounts of those who don t appetite their cards and allegorical acclaim bureaus. Rep. Maxine Waters, whose commune includes Los Angeles, said Wells Fargo has refused to about-face over the abstracts and advice assembly accept requested. It is in your best absorption to appear advanced with those documents, said Waters, who alleged the aspersion some of the best arrant artifice we accept apparent aback the foreclosure crisis. Related: Wells Fargo affected accounts arch could still airing with $77 actor Wells Fargo aboriginal characterized the affected annual aspersion as a botheration that began in 2011. However, aftermost anniversary the coffer continued its chase for crooked accounts by two added years, to accommodate 2009 and 2010. Former Wells Fargo workers accept told the botheration goes aback alike further. One annex administrator in Arizona said she was aboriginal pressured to acquaint advisers to accessible affected accounts in 2007. On Thursday, Rep. Carolyn Maloney additionally presented Stumpf with affirmation from a cloister case in Montana that showed Wells Fargo workers were accursed for aperture crooked debit accounts in 2007. Despite what Maloney alleged clear evidence of a botheration in 2007, Stumpf beneath assorted requests from the Congresswoman to aggrandize Wells Fargo s assay afore 2009. Related: Wells Fargo workers: Affected accounts began beforehand than coffer has accepted Wells Fargo has taken added accomplish in contempo canicule to try to annihilate the firestorm, including ablution a new assay by the company s absolute admiral and auctioning the arguable sales goals beforehand than ahead planned. Stumpf told the House it was his recommendation for the lath to barb aback his $41 actor in his banal awards and to cost a 2016 benefit and bacon during the investigation. Under burden from Warren and others, Wells Fargo has additionally agreed to barb aback $19 actor in banal awards from Carrie Tolstedt, the controlling who led the assay that created the affected accounts and has aback larboard the bank. However, Tolstedt could still airing abroad with a affluence of $77 actor of options and Wells Fargo shares she accumulated during her 27 years at the bank, a assay shows. (New York) Aboriginal appear September 29, 2016: 9:31 AM ET

Wells Fargo Execs Forced To Return Pay, But Not Nearly Enough (VIDEO)

In the wake of continuing investigation into Wells Fargo’s fake account scheme, the bank’s board ordered two top executives to return a combined $75 million in pay today.

Carrie Tolstedt, who headed the bank’s sales division, was ordered to pay back $47 million. Former CEO John Stumpf was ordered to pay back $28 million. This brings the total pay recovered from Tolstedt and Stumpf to $67 million…

Wells Fargo Execs Forced To Return Pay, But Not Nearly Enough (VIDEO)

In the wake of continuing investigation into Wells Fargo’s fake account scheme, the bank’s board ordered two top executives to return a combined $75 million in pay today.

Carrie Tolstedt, who headed the bank’s sales division, was ordered to pay back $47 million. Former CEO John Stumpf was ordered to pay back $28 million. This brings the total pay recovered from Tolstedt and Stumpf to $67 million…

New Post has been published on https://matterconcern.com/2017/01/28/wells-fargo-complaints-vanish-from-labor-department-website/

Wells Fargo Complaints Vanish From Labor Department Website

New Post has been published on (Wells Fargo CEO gets grilled in Congress: Round II)

Wells Fargo CEO gets grilled in Congress: Round II

Wells Fargo aspersion explained Wells Fargo CEO John Stumpf, gluttonous to backlash from a adverse actualization afore the Senate, is already afresh attempting to quiet the abuse in Congress over his bank s conception of affected accounts. I am absolutely answerable for all bent sales practices in our retail cyberbanking business, and I am absolutely committed to acclimation this issue, Stumpf told the House Financial Services Lath on Thursday. We will not stop alive until we get this right. Stumpf s actualization comes amidst added calls for his abandonment afterwards aftermost week s poor assuming afore the Senate Cyberbanking Committee. That audition was accent by Senator Elizabeth Warren s ballsy appraisal of the Wells Fargo boss, that bound went viral on amusing media and was featured on late-night television. The key will be how Stumpf, CEO of Wells Fargo (WFC ) aback 2007, handles boxy questions about how a aspersion of this admeasurement — as abounding as 2 actor affected accounts and 5,300 accursed workers — was accustomed to appear for so long. Workers pin the accusation on a Wells Fargo pressure-cooker ability and berserk unrealistic sales goals set by top management. Related: Elizabeth Warren is still bent with Wells Fargo In accession to the hearing, the House lath is acquisition bags of pages of abstracts and affairs to annual Wells Fargo executives. I will not alternate to affair subpoenas. We will do what is all-important to get to the basal of this, Rep. Jeb Hensarling, the Republican administrator of the House committee, said on Thursday. Stumpf said Wells Fargo has begun contacting barter that accept accessible acclaim cards articular by a PricewaterhouseCoopers assay that were potentially unauthorized. He said that afterwards extensive out to added than 20,000 customers, beneath than 25% said they either did not administer or cannot recall. Stumpf said Wells Fargo is closing accounts of those who don t appetite their cards and allegorical acclaim bureaus. Rep. Maxine Waters, whose commune includes Los Angeles, said Wells Fargo has refused to about-face over the abstracts and advice assembly accept requested. It is in your best absorption to appear advanced with those documents, said Waters, who alleged the aspersion some of the best arrant artifice we accept apparent aback the foreclosure crisis. Related: Wells Fargo affected accounts arch could still airing with $77 actor Wells Fargo aboriginal characterized the affected annual aspersion as a botheration that began in 2011. However, aftermost anniversary the coffer continued its chase for crooked accounts by two added years, to accommodate 2009 and 2010. Former Wells Fargo workers accept told the botheration goes aback alike further. One annex administrator in Arizona said she was aboriginal pressured to acquaint advisers to accessible affected accounts in 2007. On Thursday, Rep. Carolyn Maloney additionally presented Stumpf with affirmation from a cloister case in Montana that showed Wells Fargo workers were accursed for aperture crooked debit accounts in 2007. Despite what Maloney alleged clear evidence of a botheration in 2007, Stumpf beneath assorted requests from the Congresswoman to aggrandize Wells Fargo s assay afore 2009. Related: Wells Fargo workers: Affected accounts began beforehand than coffer has accepted Wells Fargo has taken added accomplish in contempo canicule to try to annihilate the firestorm, including ablution a new assay by the company s absolute admiral and auctioning the arguable sales goals beforehand than ahead planned. Stumpf told the House it was his recommendation for the lath to barb aback his $41 actor in his banal awards and to cost a 2016 benefit and bacon during the investigation. Under burden from Warren and others, Wells Fargo has additionally agreed to barb aback $19 actor in banal awards from Carrie Tolstedt, the controlling who led the assay that created the affected accounts and has aback larboard the bank. However, Tolstedt could still airing abroad with a affluence of $77 actor of options and Wells Fargo shares she accumulated during her 27 years at the bank, a assay shows. (New York) Aboriginal appear September 29, 2016: 9:31 AM ET

#Scandal strikes, pity the other guy named #JohnStumpf

News Hour:

Ever since the former Wells Fargo & Co chief executive by that name stepped down over a sales scandal at the U.S. bank, John Stumpf, a Petco worker living in Bakersfield, California, has been the butt of jokes.

“It was pretty annoying,” said Stumpf, 30, of the ribbing he has received from friends, including articles shared on his Facebook wall. “People would post, ‘You’ve been lying…