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((short description|American businessman))
((Infobox person
| name          = John Stumpf
| image         = John stumpf.jpg
| image_size    =
| alt           =
| caption       = Stumpf in 2009
| birth_date    = ((birth date and age|1953|09|15))<ref>''U.S. Public Records Index'', Vols. 1 & 2 (Provo, UT: Ancestry.com Operations, Inc.), 2010.</ref>
| birth_place   = [[Pierz, Minnesota]], U.S.
| death_date    = <!-- ((Death date and age|YYYY|MM|DD|YYYY|MM|DD)) (death date then birth date) -->
| death_place   =
| other_names   = 
| education     = [[St. Cloud State University]] ([[Bachelor of Science|BS]])<br>[[University of Minnesota]] ([[Master of Business Administration|MBA]])
| occupation    =
| years_active  =
| employer      =
| agent         =
| known_for     = Involvement in [[Wells Fargo account fraud scandal]]
| notable_works =
| title         =
| term          =
| predecessor   =
| successor     =
| boards        = [[The Clearing House Payments Company|The Clearing House]], [[Financial Services Roundtable]], [[Chevron Corporation|Chevron]]
| spouse        =
| partner       = <!-- unmarried life partner; use ''Name (1950–present)'' -->
| children      =
| parents       =
| relatives     =
| awards        =
| signature     =
| website       = <!-- ((URL|Example.com)) -->
| footnotes     =
))
'''John Gerard Stumpf''' (born September 15, 1953)<ref>((cite web|url=https://www.duedil.com/director/911125803/john-gerard-stumpf |title=Mr John Gerard Stumpf - Director at Wells Fargo Bank, National Association |publisher=DueDil |date=2006-03-08 |accessdate=2015-08-01))</ref> is an American business executive and retail banker. He was the chairman and chief executive officer of [[Wells Fargo]], one of the [[Big Four (banking)#United States|Big Four banks]] of the United States. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. He became chairman in January 2010. Stumpf resigned as chairman and CEO of Wells Fargo on October 12, 2016, after a [[Wells Fargo account fraud scandal|scandal involving customer accounts]] and subsequent pressure from the public and lawmakers. He was succeeded by [[Timothy J. Sloan]].

==Early life==
A native of [[Pierz, Minnesota]], Stumpf grew up as one of 11 children on a dairy and poultry farm.<ref>((cite web|author= |url=https://www.latimes.com/business/la-fi-wells-fargo-20120318,0,5171496.story |title=Wells Fargo is now the nation's biggest bank by market value |work=Los Angeles Times |date=2012-03-18 |accessdate=2015-08-01))</ref> His father was a dairy farmer. His father is of German descent and his mother of Polish descent. He was raised Catholic.<ref>((cite web|url=http://www.diversityinc.com/leadership/wells-fargo-ceo-john-stumpf-on-leadership-corporate-citizenship-sustainable-business-accountability/ |title=Wells Fargo CEO John Stumpf on Leadership, Corporate Citizenship, Sustainable Business & Accountability |publisher=[[DiversityInc]] |date=2011-11-15 |accessdate=2015-08-01))</ref> Stumpf shared a bedroom with his brothers until he was married. He graduated in the bottom half of his high school class. His first job was as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled at [[St. Cloud State University]] on a provisional basis. He eventually obtained a job as a [[repossession|repossession agent]] at First Bank in [[St. Paul, Minnesota]].<ref>((cite web|url=https://www.forbes.com/sites/halahtouryalai/2012/01/25/wells-fargo-the-bank-that-works/ |title=Wells Fargo: The Bank That Works |work=Forbes |date=2012-01-25 |accessdate=2015-08-01))</ref>

Stumpf earned his bachelor's degree in finance from St. Cloud State University and an MBA with an emphasis in finance from the [[Carlson School of Management|University of Minnesota Carlson School of Management]].<ref>[https://www.wellsfargo.com/about/corporate/executive_officers/stumpf Wells Fargo Executive Officers] ((webarchive|url=https://web.archive.org/web/20121213150723/https://www.wellsfargo.com/about/corporate/executive_officers/stumpf |date=2012-12-13 )), wellsfargo.com</ref>

==Career==
In 1982, Stumpf joined Northwestern National Bank, the flagship bank of [[Norwest Corporation]]. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. From 1994 to 1998 he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest's acquisition of 30 Texas banks with total assets of more than $13 billion.<ref name="wellsfargo1">((cite web |url=https://www.wellsfargo.com/about/corporate/executive_officers/stumpf |title=John G. Stumpf Biography – Chairman, President, and CEO – Wells Fargo |publisher=Wellsfargo.com |accessdate=2015-08-01 |url-status=dead |archiveurl=https://web.archive.org/web/20121213150723/https://www.wellsfargo.com/about/corporate/executive_officers/stumpf |archivedate=2012-12-13 ))</ref>

Norwest merged with Wells Fargo in 1998. Norwest was the nominal survivor, but the merged bank retained the Wells Fargo name. Stumpf became head of Wells Fargo's Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming). In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion [[First Security Corporation]], based in [[Salt Lake City]]. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of [[Wachovia]].<ref name="wellsfargo1"/>

Stumpf became CEO of [[Wells Fargo]] in June 2007 and chairman in January 2010.<ref>((Cite web|url=https://www.npr.org/sections/thetwo-way/2016/10/12/497729371/wells-fargo-ceo-john-stumpf-resigns-amid-scandal|title=Wells Fargo CEO John Stumpf Resigns Amid Scandal|website=NPR.org))</ref> In 2012, Stumpf's total compensation was $22.87 million with a base salary of $2.8 million, $3,300,000 in cash bonuses, $12.5 million in stock granted, and $15,000 in other compensation.<ref>[http://www.equilar.com/ceo-compensation/2011/wells_fargo_john_g._stumpf.php 2011 CEO Compensation for John G. Stumpf] ((webarchive|url=https://web.archive.org/web/20110515125519/http://www.equilar.com/ceo-compensation/2011/wells_fargo_john_g._stumpf.php |date=2011-05-15 )), Equilar</ref><ref>[https://web.archive.org/web/20121008084457/http://www.forbes.com/profile/john-stumpf/ John Stumpf], Forbes</ref>

Stumpf served as director of National Association since June 27, 2006, and a Member of Litigation Committee at [[Visa Inc.]]<ref>((cite web|url=http://investing.businessweek.com/research/stocks/people/person.asp?personId=292951&ticker=WFC|archive-url=https://web.archive.org/web/20141216210046/http://investing.businessweek.com/research/stocks/people/person.asp?personId=292951&ticker=WFC|url-status=dead|archive-date=December 16, 2014|title=Executive profile: John Stumpf|publisher=Businessweek|accessdate=1 March 2013))</ref>  After he retired, he and his wife bought a home near [[Mummy Mountain (Arizona)|Mummy Mountain]] in [[Paradise Valley, Arizona]].<ref>((cite news |last=Reagor |first=Catherine |url=https://www.azcentral.com/story/money/real-estate/done-deals/2018/09/24/former-wells-fargo-ceo-john-stumpf-buys-paradise-valley-house/1339311002/ |title=Former Wells Fargo CEO pays $3.775M cash for Paradise Valley home |publisher=The Republic |date=September 24, 2018))</ref>

===Role in fake accounts scandal===
((main|Wells Fargo account fraud scandal))
In September 2016, Wells Fargo was fined $100 million by the [[Consumer Financial Protection Bureau]], $50 million by the [[Office of the Comptroller of the Currency]] and $35 million by the city and county of Los Angeles, for opening two million checking and credit-card bank accounts without its customers' consent.<ref name="consumerbureauwellsfargo">((cite web|title=Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts|url=http://www.consumerfinance.gov/about-us/newsroom/consumer-financial-protection-bureau-fines-wells-fargo-100-million-widespread-illegal-practice-secretly-opening-unauthorized-accounts/|website=Consumer Financial Protection Bureau|accessdate=September 20, 2016|date=September 8, 2016))</ref><ref name="bbcnewswellsfargobossurgedtoresign">((cite news|title=Wells Fargo boss urged to resign over accounts scandal|url=https://www.bbc.co.uk/news/business-37419968|accessdate=September 20, 2016|work=BBC News|date=September 20, 2016))</ref><ref name="businessinsider">((cite news|last1=Bryan|first1=Bob|title=Wells Fargo's CEO just got grilled by the Senate|url=http://uk.businessinsider.com/wells-fargo-ceo-john-stumpf-senate-baking-committee-hearing-scandal-2016-9?r=US&IR=T|accessdate=September 20, 2016|work=Business Insider|date=September 20, 2016))</ref> Stumpf was grilled by angry lawmakers on Capitol Hill in hearings before the U.S. Senate Banking Committee and the House Financial Services Committee.<ref>((cite news|last1=Cowley|first1=Stacy|title=Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers|url=https://www.nytimes.com/2016/09/30/business/dealbook/wells-fargo-ceo-john-stumpf-house-hearing.html?_r=0|work=The New York Times|date=29 September 2016 |accessdate=30 September 2016))</ref> He was accused of selling customers multiple accounts fraudulently when they did not need them, and using those results on quarterly reports for larger returns on Wells Fargo stock holdings.<ref>((cite web|title=Senator Elizabeth Warren Grills Wells Fargo CEO John Stumpf On WFC Cross-Selling CNBC |url=https://www.youtube.com/watch?v=iCLIyXpV5K0 |archive-url=https://ghostarchive.org/varchive/youtube/20211221/iCLIyXpV5K0 |archive-date=2021-12-21 |url-status=live|website=youtube.com|publisher=The New York Times|accessdate=20 September 2016))((cbignore))</ref> On September 27, ''[[The Wall Street Journal]]'' reported that the board was considering cutting back on compensation for Stumpf and former retail banking head [[Carrie Tolstedt]].<ref>((Cite news|url=https://www.wsj.com/articles/wells-fargo-board-actively-considering-executive-clawbacks-1474985652/|title=Wells Fargo Board Actively Considering Executive Clawbacks|last=Glazer|first=Emily|date=2016-09-27|newspaper=Wall Street Journal|issn=0099-9660|access-date=2016-09-27))</ref><ref>((Cite web|url=http://www.businessinsider.com/wells-fargo-claw-back-ceo-stumpf-tolstedt-stock-compensation-2016-9|title=Wells Fargo may claw back some of CEO John Stumpf's compensation|website=[[Business Insider]] |access-date=2016-09-27))</ref> Two days later, Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay. He also testified that Wells Fargo would quickly drop its sales incentive program.<ref>((Cite news|url=https://www.nytimes.com/2016/09/30/business/dealbook/wells-fargo-ceo-john-stumpf-house-hearing.html|title=Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers|last=Cowley|first=Stacy|date=2016-09-29|newspaper=The New York Times|issn=0362-4331|access-date=2016-09-30))</ref> On January 23, 2020, Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the fake account scandal. In November 2020, he settled further investigations by the SEC and agreed to pay an additional civil penalty of $2.5 million.<ref>[https://www.washingtonpost.com/business/2020/01/23/banned-life-former-wells-fargo-chief-executive-barred-banking-industry Banned: Former Wells Fargo chief executive barred from banking industry] Washington Post, Jan. 23, 2020</ref><ref>((Cite web|last=Egan|first=Matt |title=SEC charges former Wells Fargo executives over fake-accounts scandal|url=https://www.cnn.com/2020/11/13/business/wells-fargo-ceo-stumpf-charged-sec/index.html|access-date=2021-04-09|website=CNN|date=13 November 2020 ))</ref> Upon leaving Wells Fargo, Stumpf's total compensation was more than $130 million.<ref>((Cite web|last=Egan|first=Matt|date=2016-10-13|title=Wells Fargo CEO walks with $130 million|url=https://money.cnn.com/2016/10/13/investing/wells-fargo-ceo-resigns-compensation/index.html|access-date=2021-04-09|website=CNNMoney))</ref> High-profile critics, including [[Elizabeth Warren]], have called for criminal charges to be filed against him.<ref>((Cite web|date=2020-01-24|title=Former Wells Fargo CEO's financial future is secure despite millions in penalties|url=https://www.latimes.com/business/story/2020-01-24/wells-fargo-john-stumpf-millions|access-date=2021-04-09|website=Los Angeles Times|language=en-US))</ref> As of June 2021, none have been filed.<ref>((Cite web|last=Kelly|first=Jack|title=Former Wells Fargo Executives Could Face Serious Criminal Charges|url=https://www.forbes.com/sites/jackkelly/2020/01/07/former-wells-fargo-executives-could-face-serious-criminal-charges/|access-date=2021-04-09|website=Forbes|language=en))</ref>

===Criticism from the Federal Reserve===

In February 2018, [[Janet Yellen]], on her last day as Chair of the Board of Governors of the Federal Reserve System, approved a strongly worded critical letter to Stumpf to emphasize his failures as co-chair of Wells Fargo's board of directors. The letter, signed by Michael Gibson, Director of the Division of Supervision and Regulation, cited Stumpf's complicity in ignoring the bank's poor risk management programs, and failure to initiate any serious investigation into its sales practices.<ref>((cite letter|first=Michael S.|last=Gibbon|recipient=John Stumpf|subject=Accountability as Chair of Wells Fargo & Company Board of Directors|publisher=Board of Governors of the Federal Reserve System|url=https://www.federalreserve.gov/newsevents/pressreleases/files/enf20180202a4.pdf|accessdate=2018-09-28))</ref>

==References==
((Reflist))

==External links==
*((C-SPAN|1031823))

((DEFAULTSORT:Stumpf, John))
[[Category:1953 births]]
[[Category:American bank presidents]]
[[Category:Businesspeople from Minnesota]]
[[Category:Living people]]
[[Category:People from Pierz, Minnesota]]
[[Category:St. Cloud State University alumni]]
[[Category:Carlson School of Management alumni]]
[[Category:American people of German descent]]
[[Category:American people of Polish descent]]
[[Category:American white-collar criminals]]
[[Category:Directors of Chevron Corporation]]
[[Category:20th-century American businesspeople]]
[[Category:21st-century American businesspeople]]
[[Category:Catholics from Minnesota]]

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