Stumpf’s Pay Cut Eclipsed by Fury as Yellen, State Join In
- Backlash against Wells Fargo intensifies as CEO heads to D.C.
- ‘Venal abuse’ prompts state treasurer to suspend some dealings
Yellen: Fed Taking Comprehensive Look at Biggest Banks
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Wells Fargo & Co. Chief Executive Officer John Stumpf gave up $41 million to buy a reprieve from the bank’s widening scandal. Then it got worse.
The company was battered anew by regulators and politicians throughout Wednesday, less than 24 hours after Stumpf agreed to forgo years of stock awards to quell public uproar over the bank’s unauthorized creation of customer accounts. Lawmakers called the CEO’s payment a first step. Federal Reserve Chair Janet Yellen vowed to probe a “disturbing” pattern of misconduct at big banks. California barred the firm from handling bond deals for the state.