The New York Times reports that Wells Fargo CEO John Stumpf plans to take “full responsibility” for the massive fraud at the bank, though it is hard to imagine what that means unless he plans to resign and/or contribute some of his pay to the $185 million settlement. He should announce changes to the board as well, though we do not expect that.
At the WSJ, Andrew Ackerman writes:
While the agencies haven’t prosecuted any Wells Fargo employees, it’s premature to conclude individuals won’t eventually face federal charges. Individual accountability is typically part of follow-on actions brought by civil bank regulators. Meanwhile, the Justice Department is in the early stages of its own investigations, The Wall Street Journal reported last week.
Still, the widespread—and sometimes laudatory—attention the Wells Fargo enforcement case is receiving seems at odds with what the settlement actually contains.
Compensation for Stumpf and the now-departed executive who oversaw the fraudulent transactions.