John Stumpf showed the world today how the CEO of a very large bank can be totally out of touch with the organization he oversees. Or, maybe he just showed us how hard it is to say “I’m sorry” without incriminating yourself. Either way, he made heavy use of the phrase, “I don’t know.” One member of the […]
Wells Fargo scandal
In 2013, the Los Angeles Times uncovered widespread abuses at Wells Fargo banks in which bank employees opened bogus accounts using customer information or phony information, in order to meet bank-set sales goals. In 2016, the issue blew into a flow-blown scandal. Congress got involved, holding hearings on both the House and Senate side. CEO John Stumpf was grilled.