Thursday, October 13, 2016

John Stumpf on Wells-Fargo-in-chief resigns after fake accounts-scandal –

Goes in the rest: John Stump


stand Go in peace: John Stump

After the scandal of dubious sales practices, and spirit of the accounts at Wells Fargo Bank CEO John Stumpf vacate his Post. A successor is already determined.

in mid-September had explained to Wells Fargo CEO John Stumpf: “I take full responsibility for the unethical sales practices”. The Bank has set up more than two million false accounts. Among other things, the democratic Senator Elizabeth Warren had asked Blunt to resign and a criminal investigation against the executives requested.

Now it is Dull, resigned. The 63-Year-old informed the Board of his decision to go immediately into retirement, the Bank said. The successor to the CEO of Wells Fargo, Tim Sloan has been appointed, the day-to-day business.

Stump also office as the Chairman of the Board of Directors. He was overall, for almost 35 years in the company, and since 2007 at the top.

Wells Fargo had granted a few weeks ago, employees had opened under selling pressure over the years in great style accounts, which had not been of customers authorized. The Bank accepted in the context of a comparison with the US authorities a penalty of $ 185 million, the equivalent of around 167 million euros. A further five million dollars should flow to injured customers.

The Bank had fired thousands of employees due to the affair. Experts expect further penalties, the U.S. Department of justice to determine, because of possible criminal violations.

However, the Fired part, seem to want to fight back. So a class-action lawsuit, those workers were fired in the course of several years of protracted scandal, but the controversial business practices allegedly refused to accept the Bank.

Wells Fargo had grown after the financial crisis and the Takeover of ailing competitors Wachovia gigantic. In 2015, it had replaced the China’s ICBC as to the market value the largest Bank in the world. Only in the last few weeks she has lost this Status again, because the share price fell as a result of the scandal.

see also:

Wells Fargo is rubbing head 41 million Dollar bonuses.

This class action lawsuit should be




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