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Wells Fargo’s John Stumpf Has His Wall St. Comeuppance

By MICHAEL CORKERYSEPT. 19, 2016
http://www.nytimes.com/2016/09/20/business/dealbook/wells-fargos-john-stumpf-has-his-wall-st-comeuppance.html?_r=0

Long before he ran Wells Fargo, one of the nation’s largest banks, John Stumpf grew up on a dairy and poultry farm, one of 11 children. He started his career as a community banker in Minnesota and married the local banker’s daughter.

Over the years, Mr. Stumpf has cultivated his image as a community banker and that of his bank as the antithesis of a giant global lender.

While its rivals were mired in mortgage and trading scandals, Wells boasted that it was helping small businesses and families prosper in what Mr. Stumpf called the “real economy.”

But now Mr. Stumpf, 63, is having his own Wall Street moment. On Tuesday, the Wells Fargo chief executive will face questions from the Senate Banking Committee over the creation of as many as 1.5 million phony bank accounts — a widespread scandal that has cost 5,300 Wells employees their jobs and raised questions about a broad failure of oversight inside the bank.

In the years immediately after the financial crisis, a congressional grilling was a sort of rite of passage for bank chief executives or top Wall Street traders.

But not since Jamie Dimon of JPMorgan Chase was taken to task for a $6 billion trading loss — the London Whale episode — in 2012 has a banking executive faced such intense political heat.

In his prepared testimony before the Senate Banking Committee, a copy of which was reviewed by The New York Times, Mr. Stumpf apologizes profusely to the bank’s customers for selling them accounts they did not authorize. But he says the accounts were not part of an “orchestrated effort, or scheme as some have called it, by the company.”

“That said, I accept full responsibility for all unethical sales practices in our retail banking business,” Mr. Stumpf plans to say in testimony.
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http://www.nytimes.com/2016/09/20/business/dealbook/wells-fargos-john-stumpf-has-his-wall-st-comeuppance.html?_r=0

In Statement to Senate, Wells Fargo Chief Is ‘Deeply Sorry’
By MICHAEL CORKERYSEPT. 19, 2016
http://www.nytimes.com/2016/09/20/business/dealbook/wells-fargo-ceo-john-stumpf-testimony-congress.html