Wells Fargo Hustler CEO John Stumpf Walks Off With $130 Million
One of the world’s largest banks, Wells Fargo, has been caught illegally creating approximately 2 million unauthorized customer accounts. Wells Fargo’s longtime bank boss, John Stumpf, has taken the fall for the crime, but is walking off into retirement with around $130 million, according to a CNNMoney analysis of SEC filings.
Stumpf is leaving with a fortune made up of stocks, cash payouts and other compensation that he amassed during three decades at Wells Fargo and its predecessor company.
A portion of Stumpf’s bonus was directly tied to Wells Fargo’s account growth. Filings show Stumpf received $4 million in awards in 2015 for among other factors growing “primary consumer, small business and banking checking customers” that year.
Senator Elizabeth Warren slammed Stumpf at a recent Senate hearing and applauded his decision to retire. Yet she also renewed her call for the Wells Fargo CEO to “return every nickel he made during the scam.”
On Twitter, Warren said a CEO “should not be able to oversee a massive fraud & simply walk away to enjoy his millions in retirement.