Demand Resignation of Wells Fargo CEO For Illegal Practices by Bank

Wells Fargo Building

Target: John G. Stumpf, CEO of Wells Fargo

Goal: Resign as CEO and Chairman of the Board of Wells Fargo due to failure to stop the creation of millions of unauthorized bank accounts.

Over at least the past five years, Wells Fargo opened around two million bank accounts under the names of people who were unaware. While the bank has agreed to pay a $185 million fine, no top executives were fired or made to give up any compensation they earned as a result of this heinous practice, and that includes the CEO, John G. Stumpf. Much of Wells Fargo’s success as well as the fat compensation it gave its top executives came from these unsanctioned accounts. The fact that Stumpf knew about this practice for so many years and let it continue should be enough for him to be fired under his own rule of thinking, since over 5,300 employees, mostly bankers and managers, lost their jobs for this exact reason.

In addition to taking advantage of customers, Stumpf also allowed his head of community banking to retire before these allegations went public, sending her off with a retirement package worth at least $100 million. Instead of firing people at the top, Stumpf took this opportunity to put thousands of middle class workers out of jobs. Strict sales requirements are what made bankers forge accounts in the first place, as they were desperate to meet goals and not lose their jobs. Those responsible for this policy are the ones who should be fired.

The CEO of Wells Fargo does not take his company’s crime seriously. He has stated that he does not believe this is a case of “massive fraud” and he refuses to hold anyone with actual power accountable. At a hearing overseen by Congress, Elizabeth Warren called for the resignation of this man, who is also the chairman of the board for Wells Fargo. Sign this petition to tell Stumpf that you want him off the Wells Fargo team too.

PETITION LETTER:

Dear Mr. Stumpf,

Creating bank accounts under the names of unknowing individuals is illegal for a reason. Taking advantage of millions of Americans just to make money is sick. You fired thousands of middle class workers who were only trying to meet the strict sales goals you set in place. That $185 million dollar fine you will pay does not make up for the terrible things you have allowed to happen.

Elizabeth Warren called for you to resign during a hearing by Congress and others have demanded that you and other top executives pay back the money you made off the unauthorized accounts. Failure to resign shows that you do not care about the future of the company. You have lost the trust of your customers and the only way to restore their faith in Wells Fargo is for you to step down as CEO and leave the company.

Sincerely,

[Your Name Here]

Photo Credit: Ken Teegardin

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4 Comments

  1. This felon should be jailed, not allowed to leave and hide.

  2. Wendy Morrison says:

    Well Fargo employees should be fired including the higher ups for committing fraud for their customers for opening fraudulent cards! NO BANKING ESTABLISHMENTS should be allowed to operate with criminals as bosses!!

  3. Jean Bakowycz says:

    I fault not the employees as much as the CEO and top henchmen. The corporate company culture fosters this kind of behavior in unspoken ways, then punishes the little guy when something is exposed. A 185 million dollar fine is like a nickel to the average guy. They can probably write it off as a business expense and get a break on their taxes. This needs to be seriously investigated and the good old boys need to be prosecuted to the fullest extent of the law. These are criminal offenses.
    By the way Mr. Stumpf: I have been a Wells Fargo client for many years but will pull my money the hell out if you do not resign and face the consequences. If you and your buddies are not held accountable, and if there is not a massive internal top-level restructuring, I’m taking my business elsewhere.

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