Congresswoman Waters Applauds Retirement of Wells Fargo Chairman and Chief Executive Officer John G. Stumpf
Congresswoman Maxine Waters (D-CA), Ranking Member of the Committee on Financial Services, released the following statement today in response to an announcement by Wells Fargo & Company saying that Chairman and Chief Executive Officer John G. Stumpf would retire from the company, effective immediately:
“Given Mr. Stumpf’s failure of oversight at Wells Fargo, I believe it is more than appropriate that he today decided to retire from the company, effective immediately. Wells Fargo’s misconduct, including the unauthorized opening of more than two million deposit and credit accounts on behalf of unsuspecting consumers, is truly unconscionable, and Mr. Stumpf bears direct responsibility for failing to stop this fraud from proliferating under his leadership. In fact, during his questioning at a recent House Financial Services Committee hearing, it became clear that Mr. Stumpf either knew, or should have known, that this misconduct was happening within his bank and failed to do anything about it until prominent news articles were published.