The file
John Stumpf
Photo: John Ruckman, CC BY 2.0, via Wikimedia Commons
person

John Stumpf

Former chairman and CEO of Wells Fargo

Entries
10
On the record
3
Stories
1
Latest entry
Nov 13, 2020

The record

Compiled by the MrScandal desk from the documents below ยท Desk editor Laima ฤ’rkลกฤทe-Kreicberga ยท Nov 9, 2026

John G. Stumpf spent 34 years at Wells Fargo and its predecessor, having joined Norwest Bank in 1982, according to the bank's October 2016 announcement of his retirement. He became chief executive in June 2007 and chairman in January 2010, and held both posts until October 2016, when he stepped down as the unauthorized-accounts scandal widened and the board split the two roles between two successors.

His personal record beyond the bank's own settlements runs through its board and its regulators. In September 2016 the board announced that he would forfeit unvested equity awards valued at about $41 million, forgo his salary while a special committee of independent directors investigated, and receive no 2016 bonus. Tim Sloan succeeded him as chief executive and Stephen Sanger became non-executive chairman.

In November 2020 an SEC order stated that he had signed and certified misleading statements about the bank's cross-sell metric in 2015 and 2016. He settled without admitting or denying the findings, agreeing to a cease-and-desist order and a $2.5 million penalty, which the SEC said it would combine with an earlier $500 million Wells Fargo payment for distribution to harmed investors.

Roles and honours on the record

  • 1982-2016 Wells Fargo and its predecessor Norwest Bank, which he joined in 1982 source
  • 2007-2016 Chief Executive Officer, Wells Fargo & Company, until October 2016 source
  • 2010-2016 Chairman, Wells Fargo & Company, until October 2016 source

Every entry, newest first

Last entry Jan 2020
  1. Reported

    CNN reported Stumpf agreed to a lifetime banking ban and a $17.5M fine. Wells Fargo fake accounts: $185M fine, $3B deal, cap lifted

  2. Reported

    Board report said Stumpf would surrender $69M in total; his counterpart Tolstedt's lawyer disputed the findings. Wells Fargo fake accounts: $185M fine, $3B deal, cap lifted

  3. Reported

    Bloomberg reported Stumpf stepped down as Wells Fargo chief executive and chairman, per a bank statement. Wells Fargo fake accounts: $185M fine, $3B deal, cap lifted

Stories in this file

John Stumpf: $3B fake accountsBusiness ยท 7d ago

๐Ÿฆ Wells Fargo fake accounts: $185M fine, $3B deal, cap lifted

The bank called its conduct "reprehensible" in 2020, but settled the 2016 case without admitting or denying the findings. Asset cap lifted 2025. ๐Ÿ—ฃ๏ธ

The record, entry by entry

  1. 1982 Official Stumpf joined the former Norwest Bank, the start of what Wells Fargo later called a 34-year career at the company. Wells Fargo news release, Exhibit 99.1 to Form 8-K filed October 12, 2016
  2. 2007-06 Official He became chief executive officer of Wells Fargo, and added the chairman's role in January 2010. Wells Fargo news release, Exhibit 99.1 to Form 8-K filed October 12, 2016
  3. 2015-04 Filed According to an SEC order, the director who chaired the board's Risk Committee contacted Stumpf after a presentation on sales misconduct by community banking head Carrie Tolstedt, saying it lacked substance and downplayed the risk to the bank. SEC order, In the Matter of John G. Stumpf, Release No. 33-10887
  4. 2015-05-04 Filed The City of Los Angeles sued Wells Fargo, alleging unlawful sales practices including opening accounts without customer consent, the SEC order notes. It says Stumpf later directed the bank's chief risk officer to take over the sales misconduct issue from Tolstedt. SEC order, In the Matter of John G. Stumpf, Release No. 33-10887
  5. 2016-09-27 Official Wells Fargo's board announced that Stumpf would forfeit all outstanding unvested equity awards, valued at about $41 million, forgo his salary during an investigation led by a special committee of independent directors, and receive no bonus for 2016. He recused himself from the investigation. Wells Fargo news release, Exhibit 99.1 to Form 8-K filed September 28, 2016
  6. 2016-10-12 Official Wells Fargo reported that Stumpf had retired as chairman, chief executive and director, effective immediately. The board elected president Timothy J. Sloan chief executive and lead director Stephen W. Sanger non-executive chairman. Wells Fargo & Company, Form 8-K filed October 12, 2016
  7. 2020-11-13 Filed The SEC charged Stumpf with certifying misleading statements about the bank's cross-sell metric in 2015 and 2016 and settled with him the same day. Without admitting or denying the findings, he agreed to a cease-and-desist order and a $2.5 million civil penalty. SEC press release 2020-281

Documents

Sources behind this file

  1. Reuters report on the lifted asset cap ยท Report, Jun 4, 2025
  2. Wall Street Journal report on the shareholder settlement ยท Report, May 15, 2023
  3. CFPB consent order ยท Regulator, Dec 20, 2022
  4. CNBC report on the CFPB settlement ยท Report, Dec 20, 2022
  5. CNN report on the DOJ and SEC settlement ยท Report, Feb 21, 2020
  6. New York Times report on the Fed asset cap ยท Report, Feb 2, 2018
  7. New York Times report on the clawbacks ยท Report, Apr 10, 2017
  8. Bloomberg report on Stumpf's exit ยท Report, Oct 12, 2016
  9. New York Times report on the Senate hearing ยท Report, Sep 20, 2016
  10. CFPB press release ยท Regulator, Sep 8, 2016
  11. USA Today report on the $185M fine ยท Report, Sep 8, 2016
  12. Los Angeles Times investigation ยท Report, Dec 21, 2013

Connected files

  • Wells Fargo ยท American multinational banking and financial services company ยท 1 shared story