US Wells Fargo Bank 2010 Misuse (Q10321)
From Open Risk Data
A data breach risk event
| Language | Label | Description | Also known as |
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| English |
US Wells Fargo Bank 2010 Misuse
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A data breach risk event
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Statements
BD47CA16-5F24-4192-B1BD-BAAF5F37FF77
January 2010
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Wells Fargos embattled CEO John Stumpf is stepping down as the nations second-largest bank is roiled by a scandal over its sales practices. The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. It had earlier announced that Stumpf, the banks CEO since 2007, will forfeit $41 million in stock awards. Wells Fargos chief operating officer, Tim Sloan, will succeed Stumpf as CEO and join the companys board. Sloan has been with Wells Fargo for 29 years. Stephen Sanger, the banks lead director, will serve as the boards non-executive chairman. Stumpfs end at Wells Fargo comes a little over a month after the bank was fined by California and federal regulators $185 million over its sales practices. The regulators alleged emp (English)
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