Stumpf Pay Surrender Buys Time But Lawmakers Say It’s Not Enough
- CEO agrees to forgo $41 million as board investigates scandal
- Senator Warren says actions ‘nowhere near real accountability’
What is the Endgame for Wells Fargo CEO Stumpf?
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John Stumpf’s decision to forgo $41 million in pay improves the chances for Wells Fargo & Co.’s embattled leader to defuse the bank’s bogus-account scandal, analysts say, though some lawmakers are calling for the lender to do more.
“This is a good first effort by Wells Fargo to start to move this behind them,” Paul Miller, a banking analyst at FBR Capital Markets & Co., said Wednesday in an interview on Bloomberg Television. “The question is -- and I do not have the answer -- is it enough?”