Stumpf, Mr. Clean of Banking, Finds Himself Mired in Scandal
- Wells Fargo CEO says he’s prepared to testify in Washington
- ‘He’s the preeminent retail banker,’ CLSA’s Mayo Says
Wells Fargo's Fake Account Fallout Mounts for CEO Stumpf
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Lloyd Blankfein had his Abacus. Jamie Dimon had his Whale. Now John Stumpf, the Mr. Clean of American banking, is getting a scandal of his own.
In a remarkable turnabout for Stumpf, Wells Fargo & Co., the bank he’s run to the envy of peers and the delight of top shareholder Warren Buffett, has been swept up in one of the industry’s most embarrassing episodes since the financial crisis. Last week, the San Francisco-based lender agreed to pay $185 million to settle allegations that it opened 2 million credit-card and other accounts for customers without their knowledge.