Wells Fargo CEO/Chairman John Stumpf ventures out into the cruel, cold world with just a crust of bread in one pocket. And an estimated $134 million in the bank.
Perhaps because the board of directors, or his attorney said so.
During his nearly four-hour testimony before the House Financial Services Committee last month, Stumpf was called upon several times to resign by representatives. Stumpf said at the hearing he wasn’t planning to resign, and that remaining at the bank and seeing through the reforms was part of taking responsibility. He also indicated such decisions are up to the board.
Good luck to the middle-management schmuck who is chosen to take the fall for this one.