Sacramento Update

After screwing customers, #WellsFargo CEO walks away with $54.9 million

Former Wells Fargo chief executive John Stumpf has captured $54.9 million in gains by exercising Wells Fargo stock options, the bank stated in a regulatory filing.

Stumpf left the San Francisco-based bank in October, after a scandal surfaced over bogus bank accounts. The new disclosure that he gained from stock options marks a potential setback for the bank in its efforts to restore its reputation.

“Stumpf walks away with a truckload of cash,” said Ken Thomas, a Miami-based independent bank analyst. “This won’t go over well in Congress and with the bank’s customers. This will rub salt in the wounds for a lot of people.”

Stumpf, who presided over the bank as CEO during the years when employees opened up to 2.1 million checking and credit accounts without the permission of customers, also received $4.8 million in total direct compensation during 2016.

Read the whole story in the Mercury News

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Categories: Sacramento Update

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