For Immediate Release
Disgraced Wells Fargo CEO Should Not Receive a Golden Parachute
WASHINGTON - Statement of Robert Weissman, President, Public Citizen:
Wells Fargo fired more than 5,000 employees who, under pressure to meet unrealistic “cross-selling” targets, created millions of sham consumer accounts. It is right that the man who ran the company while it perpetrated a multi-year consumer fraud of epic proportions is receiving the same treatment. Those fired employees didn’t receive golden parachutes, and CEO John Stumpf shouldn’t either.
Stumpf’s forced retirement cannot be the end of the matter, however. In fact, the retirement is essentially an admission of wrongdoing that only reinforces the need to continue tough criminal investigations of the actions of Stumpf as well as other top executives.
Americans are beyond sick and tired of Big Banks and their executives escaping accountability. With Stumpf removed, attention will now turn to the U.S. Department of Justice to see if it will do its job. Of course, individual accountability is not enough: this too big to manage bank must be broken up.
Public Citizen is a national, nonprofit consumer advocacy organization founded in 1971 to represent consumer interests in Congress, the executive branch and the courts.