Banking, finance, and taxes
Suggested Resignation Letter for Wells Fargo CEO John Stumpf
Published:
Last Updated:
To: The Board of Directors, Wells Fargo & Company (NYSE: WFC):
My role in handling the wide-ranging issues stemming from the fraudulent opening of customer accounts has become a distraction to the extent that it compromises my ability to devote full time to my duties. Also, Senator Elizabeth Warren was right when she said to me, “Your definition of ‘accountable’ is to push the blame to your low-level employees. … It’s gutless leadership.”
I, therefore, resign as chairman and chief executive officer, effective immediately.
Government investigations have grown from the one conducted by the U.S. Consumer Financial Protection Bureau, for which we took a $185 million write-down and fired 5,300 workers, to a larger group of investigations that may include some criminal investigations. I will likely be drawn further and further into these, and my time available to run the bank will grow smaller and smaller.
The bank also faces a growing number of lawsuits, in which I may be named. I intend to defend my decisions as having been in the best interests of our customers and shareholders.
It is also essential that I have the time necessary to make certain legal actions by shareholders and the government do not lead to a clawback of any of the $60 million I have made as CEO over the past three years, the value of the sum to be paid to me by Wells Fargo this year, and all future awards to which I am entitled based on my employment contract.
I leave behind my road map for a business culture that will be in the best interests of customers:
Based on my current predicament, I wish I have done these things sooner.
Yours truly,
John Stumpf (retired)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.