Pressure mounting on Wells Fargo CEO
John Stumpf makes second congressional appearance in under 10 days on Thursday
New York
WELLS Fargo & Co's chief executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street.
The bank's move earlier this week to claw back US$41 million in stock awarded to Mr Stumpf, an unprecedented rebuke for a major US bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorised credit card and deposit accounts to meet sales quotas.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Nomura, Mizuho face losses on All Blue fund’s failed trades
Stablecoin Tether steps up monitoring in bid to combat illicit finance
HSBC asked by US$890 billion investor group to set energy goal
Barclays is the latest firm to face anti-ESG wrath in Oklahoma
Barclays prices mortgage-backed notes in deal with GoldenTree
TD risks an earnings hit from US laundering probe, analysts say