John Gerard Stumpf was born on September 15,1953 and is an American business executive and retail banker.
19 Facts About John Stumpf
2.
John Stumpf was the chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States.
3.
John Stumpf was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005.
4.
John Stumpf's father is of German descent and his mother of Polish descent.
5.
John Stumpf shared a bedroom with his brothers until he was married.
6.
John Stumpf graduated in the bottom half of his high school class.
7.
John Stumpf eventually obtained a job as a repossession agent at First Bank in St Paul, Minnesota.
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Janet Yellen 8.
John Stumpf earned his bachelor's degree in finance from St Cloud State University and an MBA with an emphasis in finance from the University of Minnesota Carlson School of Management.
9.
In 1982, John Stumpf joined Northwestern National Bank, the flagship bank of Norwest Corporation.
10.
John Stumpf held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989.
11.
John Stumpf became head of Wells Fargo's Southwestern Banking Group.
12.
John Stumpf became CEO of Wells Fargo in June 2007 and chairman in January 2010.
13.
John Stumpf served as director of National Association since June 27,2006, and a Member of Litigation Committee at Visa Inc After he retired, he and his wife bought a home near Mummy Mountain in Paradise Valley, Arizona.
14.
John Stumpf was grilled by angry lawmakers on Capitol Hill in hearings before the US Senate Banking Committee and the House Financial Services Committee.
15.
John Stumpf was accused of selling customers multiple accounts fraudulently when they did not need them, and using those results on quarterly reports for larger returns on Wells Fargo stock holdings.
16.
Two days later, John Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay.
17.
John Stumpf testified that Wells Fargo would quickly drop its sales incentive program.
18.
On January 23,2020, John Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the fake account scandal.
19.
In February 2018, Janet Yellen, on her last day as Chair of the Board of Governors of the Federal Reserve System, approved a strongly worded critical letter to John Stumpf to emphasize his failures as co-chair of Wells Fargo's board of directors.