Former CEO of Wells Fargo, Independent
Search every verified John Stumpf interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. John Stumpf, former CEO and chairman of Wells Fargo, faced repeated questioning in 2016 from members of Congress and the Senate Banking Committee regarding the bank's practice of opening millions of unauthorized customer accounts. During hearings, Stumpf stated he was "deeply sorry" and "fully accountable" for the unethical sales practices, but he declined to resign, said he had not returned compensation, and deferred questions about executive accountability to the board. He described the misconduct as the work of "1% of our people" and said he first learned the problem was growing in 2013 Mendz. Stumpf also stated that cross-selling was "shorthand for deepening relationships" and that the bank had violated customers' trust. In his testimony, Stumpf said the bank had eliminated product sales goals, was contacting affected customers, and would "make it right" for those harmed. He acknowledged that the bank should have acted sooner and that the board would handle decisions regarding his own compensation and that of other executives. Senator Elizabeth Warren told Stumpf he should resign, return the money he earned during the period, and be criminally investigated. Stumpf retired as CEO effective immediately in October 2016.
“Well, first of all, this was by 1% of our people.”
“Cross-selling is shorthand for deepening relationships.”
“All of my compensation is in the public filings.”
“I was aware of that; we were involved in discussions with the city attorney, the OCC and the CFPB.”
“No — when I look at her full body of work, I look at the customer loyalty improvement and the customer service improvement.”
“I'm not going to in any way try to influence or prejudice the board — I'm not going to opine on that.”
“First of all, I disagree with the fact this is a massive fraud.”
“Jobs are the key. We're not going to tax our way out of our issues, we're not going to save our way out of our issues; all those are both important elements. We're going to grow our way out of our issues.”
“I have a hard time finding what's wrong with this model. How can we not be for American jobs?”
“We have one very powerful business rule — concentrated in one word: courtesy.”
“I think those of us who understand free markets ... that's why we're so challenged today because we see there's been a strangling of regulations on the financial industry and, yet, with that we're having to deal with you and with this bank with this problem; that's going to have ripple effects and the messaging is goin...”
“The culture of the company is strong and I know it's really hard to say that when you're before Congress for the second time and in the and behind you was all the settlements you've had for problematical relationship problematic relationships you've had with your customers by taking their money right counter to the law...”
“We are addressing it first of all with respect to culture you know we have two hundred sixty eight thousand people who have made their life's work and careers out of helping customers.”
“The 2 million account holders were accounts was about uh we the PWC looked at 93 million accounts the 2 million are no I'm not I'm sorry this was this was this was this fraud was this just a HR problem was this theft how do you see this yeah the the 2 million accounts could not be ruled out account I'm asking about how...”
“I think it was dishonest it broke our code of ethics and the people who are responsible here... did Wells Fargo employees steal from a million to two million of their customers yes or no in some cases they did they did yes”
Wells Fargo Ex-CEO John Stumpf speaks at the National Press Club.
Keynote remarks by Chairman and CEO of Wells Fargo, John Stumpf.
CEO John Stumpf will retire effective immediately, marking a stunning downfall for one of the banking industry's most powerful figures.
US Rep Robert Pittenger (NC-09) of House Financial Services Committee engages Wells Fargo CEO John Stumpf regarding fraudulent activity and it's likely ramifications.
Rep Patrick McHenry (NC-10), vice chair of the House Financial Services Committee, has stern questions and remarks for Wells Fargo CEO John Stumpf during the committee's hearing entitled, "Holding Wall Street Accountable: Investigating Wells Fargo’s Opening of Unauthorized Customer Accounts”
Wells Fargo CEO John Stumpf GRILLED by Congress - House Financial Services Committee Hearing 9/29/16.
Thursday, September 29, 2016 (10:00 AM) - Committee on Financial Services Hearing: “Holding Wall Street Accountable: ...
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