Target: Community of activists who pressured Wells Fargo CEO to step down
Goal: Praise campaign that pressured Wells Fargo CEO to step down amidst investigations into his company’s allegedly illegal operations.
The CEO of Wells Fargo, who is currently under investigation for unwarranted bank accounts that were opened in the names of unsuspecting customers, has finally decided to leave the company. Though his departure is technically a retirement, he is departing without additional compensation. Lawmakers investigated the case and called for his resignation, and thanks to pressure from the public and this ForceChange petition, Stumpf finally took his leave.
Wells Fargo was originally fined $185 million by regulators who uncovered the bank’s alleged dirty scheme. Additionally, $40 million was clawed back from Stumpf who spent hours testifying in front of Congress. The investigations into this scandal are nowhere near over, though. The federal government is still considering criminal and civil charges against the company. The Labor Department is investigating whether any of the 5,300 employees who got fired were illegally excused, and the Senate Banking Committee is still waiting for Wells Fargo to detail how it plans to compensate the customers and employees who were wronged.
Stumpf’s decision to step down is shocking because bank officials typically do not lose their jobs amidst scandal. His position is being filled by two executives, splitting the roles and power that used to be held by one person. The new CEO and chairman are longtime executives of Wells Fargo and seem to follow the line of succession normally seen in the company, which brings more speculation. Regardless, this move is a step in the right direction. Sign this petition to commend the community that pressured Stumpf to step down as the CEO of Wells Fargo.
Dear activist community,
I am writing to commend your work to pressure John Stumpf, the CEO of Wells Fargo, to step down. Regardless of how involved he was with the illegal accounts at Wells Fargo, he still profited immensely off unsuspecting customers. His company also allegedly fired employees who tried to inform a higher power of this scandal, and I hope that they will soon receive compensation if their claims are just.
Banks already have a reputation for taking advantage of people, and this immense crime only deepens the scorn people feel toward such institutions. This will not soon be forgotten by the public or lawmakers. The government will continue to look into the illegal operations of Wells Fargo and fight to attain justice for everyone who was affected. Thank you for pressuring Stumpf to step down as the CEO.
[Your Name Here]
Photo Credit: Barry Solow