FNN: Wells Fargo CEO John Stumpf GRILLED by Congress - House Financial Services Committee Hearing
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- Опубліковано 28 вер 2016
- Brought to you by Desert Diamond: ddcaz.com
WELLS FARGO CHIEF EXECUTIVE JOHN STUMPF THURSDAY WILL FACE A GRILLING FROM BOTH DEMOCRATS AND REPUBLICANS ON THE HOUSE FINANCIAL SERVICES COMMITTEE AFTER THE BANK WAS CHARGED $185 MILLION BY THE CONSUMER FINANCIAL PROTECTION BUREAU.
In September 2016, Wells Fargo was issued a combined total of $185 million in fines for creating over 1.5 million checking and savings accounts and 500,000 credit cards that its customers never authorized. The Consumer Financial Protection Bureau issued $100 million in fines, the largest in the agency's five-year history, along with $50 million in fines from the City and County of Los Angeles, and $35 million in fines from the Office of Comptroller of the Currency. The scandal was caused by an incentive-compensation program for employees to create new accounts. It led to the firing of nearly 5,300 employees and $5 million being set aside for customer refunds on fees for accounts the customers never wanted.
3 years later and he's NEVER been charged
the board members needs to be questioned too
Mr Stumpf did you dump your stock during this period or not?
"Thank you for having me today...and great question BTW. I just want to say...I'm wearing blue socks... and that I'm having peanut butter and jelly for lunch. Also, that the vast majority of our people come to work everyday and do the right thing, and we just love them.. great question."
fendermon lol
fendermon Spot on! 😂😂😋
ninabtha1 thanks 😊
Lol!!!
😂😂😂
I haven't seen all of it but my favorite part so far around the 40 minute mark "...gotta be kidding me, you have got to be kidding me..."
Bringing the fire at 31:54
Oh no you didn't!
Reminds me of the attorney from Seinfeld lollll
Lmao yaaassss
Hell yea
Funny how Congress grills a bank they bailed out lol
And that "hosted" the DNC party in Philadelphia as Quicken hosted the RNC Party in Cleveland. They do not even try to hide the fact that politicians and the banks are tied in together.
Shhhhh your not supposed to see that.
It's a wonder Wells Fargo didn't go under. I wonder how many customers they ended up losing at the end. For a CEO this guy clearly does not know much about his company. The guy from NY absolutely nailed it with his speech, all the others asked the right questions but this NY guy brought the issue home in his speech. The bank CEO should dam well have stepped down & without taking any severance package.
THIS IS NOT HIS COMPANY IS AILEEN SANCHEZ MIZER STOCK ASSETS AND BUSINESS CEO IS ONLY A WORKERS OF THE SANCHEZ MIZER YOU KNOW WATT YOU'RE TAKING THE LAST OF OUR SANCHEZ WATTAGES METTER OF ELECTRICITY BUSINESS. YOU ARE SCAM.
more of the same for banks - this wells fargo clown should be indicated for running a racketeering scheme
So apparently to be CEO you just have to know nothing about how your company is run?
One of my teachers in school once said the higher you go the less you know
He's just really good at deflecting questions.. Unfortunately this is the most that is going to happen.
He just said "idk sry :)" and then goes home to his MILLIONS
Schools are different to financial institutions. The top executives are the ones making major decisions and frontline employees simply carry out what is required of them, so of course the CEO of the company would know what is going on. Just look at how much John Stumpf profitted from these scams, certainly not his employees who were made as scapegoats.
They are exactly right lol
If your a White boy only.
185m pocket change for them if they charge them 3-7b then they will start shaking.
Exactly. This is chump change.
$75 fee for going one penny over on a checking account violates the consumer protection act under the FD FDIC
Like for this to be the "Roast of the YEAR"
I love it when they say " Thank you very much for your question " after the congressman or senator has just ripped them a new one !! lol
Does John Stumpf look fazed or concerned one bit after the entire committee screamed at him for 2 hours and 20 long mins..
That’s why my grandparents never trusted banks because of this problem
Given that Greg Meeks used our tax money to lease a Lexus LS460 for himself, I would have expected him to be a little more, um, soft-spoken...
great, NOW LETS GO AFTER *_JP MORGAN CHASE !!!_*
those mf-ers actually steal deposit cash outright :_(
What are they doing for all the employees who got fired because they didn’t want to go along with their criminal actions!!!
They better pay us more money if they are taking away our incentives. $4 should be mandatory
hundreds of thousands of customers were hurt. their credit forever destroyed. there needs to be accountability and reparations. honestly. i'm not a WF customer, but people's lives were ruined from this.
It's not right...
They don't care what part dont u get
It's strange that he acts like doesn't know basic retail level details. How does a ceo not now that yes we have morning huddle -every morning in every branch. Yes we have sales goals- yes it's a ridiculous number 10-15 daily. Yes we have the branch manager breath down our necks every 30 min asking where we are so far in regards to our goals. We have 2 weekly meetings Monday morning is to go over sales goals for the coming week and to talk about where we fell short the week before . Wednesday is focused around customer service. Yes we have prospector calls- infact there's a huge list you can look at and call off of. Yes we are expected to make outbound calls daily! It's very much micromanaged at the branch level to meet sales goals. We have a constant minute to minute conversation between the manager and banker about sales- everyday all day. Sell, sell, sell. How ever I will say I was expected to be a super sales person and meet the goal of 15 new products open daily however I want NEVER encouraged to be unethical or do things without the customer permission. Infact I was told to never do that, but I was expected to be so good at my job that they would agree to the product .
Jail for Stumpf !! Let's us allllll who has money with wellsfargo closed accounts and send them a REAL MESSAGE
I work for the Bank. The whole bank runs on a Tenure > Talent system, the best producers are continually abused and made to do more and more work. I myself am currently in off the books trouble for questioning the Ethics behind how management is chosen, namely talented people are passed over for far less talented people based solely on who has worked at the bank longer.
We have a project currently to correct something we weren't doing right (I can't disclose anything about what is legally but it's bad)and were given a mandate to fix it. That was several years ago and it comes due VERY soon and as of now isn't even remotely close to being done. The interesting thing is the people managing it are no where near qualified to do the work and they are also using a pure contractor work base to do the work so when they fail they can blame the contractors for that failure not the 25 year veteran (recently demoted from management for he failures) in my department who is for some reason in charge of a large portion of this project.
This woman continually fails to do her job in every way shape or form! She schedules meetings she doesn't show up to at all. She doesn't show up to meetings given to her by her bosses. She disappears for hours at a time on the one day she actually shows up to the office. Guys like me and those around me have to answer questions and guide her employees because even if they manage to get a hold of her she can't help them do their jobs in anyway. It's gotten so bad we are convinced she is trying to get fired... she hasn't been nor will she ever. She has Tenure and that is all that matters. You might ask what I mean by tenure, well the answer would be that almost all of Wells Fargo's leadership has been with the company for decades. There are relatively no upper level executives with under 10 years of service. My department alone (80ish people) has 28 managers (more than a third) of those maybe at best half have been with the department a year maybe a year in a half, all of which have been with the bank for 10, 15, 20 years. No one who processes tickets and does the work has been promoted or given a raise in the last three years aside from the mandatory cost of living increases while they have gotten major raises due to their ever changing job titles and bonuses. In short, It's the classic Old Boys club. Our department is not unique, this is common bank wide.
Tomorrow afternoon my desk gets moved to the only spot in our office where both high end managers can see everything I do at my desk at all times. I will likely not last much longer with the company even though I have been their top producer for the last three years, an expert and trainer, their automation software programmer, stand in manager, etc. etc. Despite my continued amazing service, my intelligence, talents and overall value it took literally one day for that to be as if it never happened. This happened the moment I displayed concern over a potentially ethical issue I was seeing in our group. I didn't even whistle blow! I just sent an email to my managers after crunching some numbers stating my concerns based on the results of the math and since then I have been one by one stripped of my privileges on the grounds of production loss (even though last month I was top in all categories yet again), I have had people tell me they were told not to talk to me, I have been put on reprimand for misbehavior that never occurred and with the move into a position of constant supervision it's clear it's only a matter of time before I am let go on some trumped up charges. Probably this very post! Whatever, that is the culture of Wells Fargo.
Sounds like you need to contact the CFPA. They're looking for such stories from employees.
I suggest you gather up emails now for proof.
I worked at I high level department in a huge US corporation where I was dealing with top level officials.
My senior manager, working with one of the VP's, wanted me to do something illegal and I flat out refused, explaining how I would be deported (I'm an expat in Europe) if I were caught.
Shortly after, I was harassed so much, I ended up getting shingles and had to take time off. When I returned, they put me in a completely different department doing menial tasks and cut off ALL access to my email, so I wasn't able to get proof. They broke me down so far that when I got my measly pay off to leave, I took it.
I'm so mad at myself for not fighting it with a lawyer, but it was a matter of my health to leave at the time.
The HR manager actually cried as my manager gave me the deal. She knew what a great employee I had been for 14 years, but couldn't fight the big bosses.
Don't make my same mistake.
Agreed!! Wells Fargo took my house to foreclosure ! Now realizing they we're robing me time BC they keep asking me for documents I will comply 2 months later no response. Called them to tell me they never received it knowing that I did send everything they asked me. They did this like 2/3 times until I didn't have a chance to save it. Mother F---ers
@Mike Law lol yeah... I got put in leave while they investigated my case (aka investigated themselves) decided they did nothing wrong and then fired me. My lawyer could do nothing because I live in a right to work state.
Mr. Stumpf, "CANCEL CHRISTMAS"
Congress is right to be tough on this matter. Asking John Stumpf tough questions is mild in comparison to the customers Wells Fargo had defrauded and the employees who were made as scapegoats to carry out the dirty deed of scaming customers.
I remember wells Fargo for years WOULD PRESSURE ME INTO OPENING NEW ACCOUNTS---FOR NO REASON
how much money is enough this is sick...
Congress makes $200 grand a year, so they better grill this guy good so they both can go party together after this circus show.
damn! he getn killed!😂
i love that mr Mix (how ever u spell his name) african congress man dude the pressure gives to that wells fargo dude is overwhelming
This is like watching one rat pull a switchblade on another rat to steal his cheese.
He has stated: I don't know 45,675 times and counting 😐😑
Former Wells Fargo retail branch employee here. Whenever I need some cheering up, I come and watch these videos. It does me good to see John Stumpf being ripped to shreds with these questions. The unauthorized accounts, credit cards, and so on were much more related to people being desperate not to lose their jobs, as opposed to gaming the incentive system. I literally laughed out loud when Stumpf tried to assert that the company had "goals, not quotas." Sure... 'goals' that would get you reprimanded, written up, or fired if you did not achieve them. The branch atmosphere was toxic, with personal bankers competing against each other for sales. I'm sorry that I wasted so much of my career in financial services (13.5 years!) working for this company. I would have loved the opportunity to testify before Congress when all of this was going down. There weren't nearly enough members of upper management terminated over this, that I can tell you. Pathetic.
I haven’t used my Wells Fargo account since I quit working at Coburns and 2005
i have a court case that started in 2005 with a bad mortgage and tried to foreclose on my home in aug. 2016
Thank you for that question.
Damn these congress people are vicious especially these new yorkers just killing this man.
Don't worry, It is only 'formalities'. They have to "appear" they are doing something...
GOOD. DONT YOU THINK HE DESERVES IT?
T-Bone Yeah you have a point
When you are a CEO getting hundreds of millions of $$ every year to commit systematic, across the board malfeasance, this is something they know they will have to go through when the whole financial system is CORRUPT to its very core. I am sure they dont even give a second thought since at the end of the day there will be another hundred million waiting for him and a nice multi million S yacht for him to relax as he watches the sun set over the horizon. The only thing that matters is conscience, which these thick skinned, money grubbing, shameless, treacherous CEO's have NONE of !
Yet he walks free
Had to put a hold on my Social Security number through Equifax because somebody is lying
She’s saying she one person and she’s not
He is like the rest! Not answering direct questions 🚩🚩🚩🚩
Why is he studdering?🚩🚩🚩 When presented with facts 🤔🎓
Thank you Consumer Financial Protection Bureau
They have security cameras and they have 10 years with a video footage where nobody was ever going in and out of that business but yet for some reason, they’re all riding around a new cars
So ever since I open up my account at Wells Fargo if I ever bounce the check, they charge me $75 for going a penny over does that seem like that is moral or ethical when it comes to banking
29:47 Thank you for that question...........
There was no question!!
start about 41.35 and see how we should feel sorry for the approx. $10M it cost the bank! WHAT a bunch of ....
I’m not saying that you are as a consumer of somebody who uses banking businesses and does begging practices in America but what your corporation is done is absolutely unacceptable people trust your bank to hold their money safely. That is exactly why my grandparents trusted bank with their money and buried it.
that is insider trading..... WTF!!!
A glowing example of a American CEO! A typical answer from Mr. Stumpz “ I don’t know, Let me tell you about our cross selling benefits.” Wow I’m actually a little embarrassed for this CEO. I read he was banned from any further banking activities for life. He is very lucky he wasn’t criminally prosecuted!
And then again, he could be the scapegoat for all the other associates of the company who came up w the idea that may never be prosecuted, a horrifying thought
Bingo
Do all bank manager just hand out 5000.00 dollars and be evasive when questioned about an account
Shame on Stumpf
Why is government time being wasted on this hearing? Why aren't the laws in place that simply place this person before the courts and being prosecuted. His behavior has not been socially responsible. Possibly laws should be drafted with the objective of ensuring "people" are socially responsible. Making millions of dollars under false pretense is not socially responsible.
I’m the type of person that money has no value whatsoever to me. It’s like toilet paper.
Identity theft I reported to I put a hold on my Social Security number because somebody opened up an account in Indiana and I don’t live in Indiana. I live in Minnesota.
I’m not gonna let you waste my time lol 😂
Ellison
Why isn't this guy in prison?
That movie shows you exactly when she’s talking about it in the movie she’s assessed confessing to you, Wells Fargo how she did it before she goes to prison
You’re trying to tell me that you don’t actually go out to these businesses and addresses and see if they’re legitimate and if you don’t, it means you’re failing again
That’s the very essence of what the Rico act is in America your bank violated it over and over again
Do you realize that the federal reserve through US Congress can cancel your contract to do banking business in America anytime they want
That’s why the FDI FDIC has compliance checks by people are they employed by the federal reserve
At this point as much money as I’m gonna have I’m gonna have to auction it off at a Christie’s auction
Melissa McCarthy use my Social Security number to try to get unemployment insurance taken out. I want her arrested.
Take your commitment and stuff it!
You are responsible for every single person you employee at Wells Fargo no exceptions
You can’t use blissful ignorance can’t use plasma deniability you can’t do ignorance is bliss. It’s either right or wrong.
How do these people (CEOs) get these millions and get these jobs to begin with? The primary job is to OVERSEE the company. HUGE failure
HitsTownUSA He had one job.....
I guess one could say that Wells Fargo "services" their accounts.
That’s the whole movie of identity theft she did it to other people. She’s a thief. I don’t talk to her since high school.
Why are they not in jail
The brotha went off 😂
And it's NOT even over!
Stay tuned..
This guy is a crook and should be in jail!! His company fired my wife because she didn’t make the employees push customers to open these BS accounts!!!!!
This guy Stumpf is amazing. Every question asked of him slides right off him liked water off a duck. When he's asked a particularly difficult question he talks like abda abda abda.
interesting
Not one time have I ever had a legal conservatorship over me, my finances in the state of Minnesota not one time I do not have a conservatorship in my name in the state state of Minnesota and if it says it does, it’s a fraudulent document
Anything else on my account at Wells Fargo is consistent with fraud. It would be a Ford signature.
That ghost looking dude in the back is gonna cry.
Red flags
That’s bank robbery with Pauline panek
Even if they didn't fire for not meeting sales goals, they would make it impossible to stay.
Sadly. We financed our a/c thru them and can't get a correct bill I keep getting late fees and other fees which our payment we paid on time each month they have a poor system I would never recommend them ever.
Not just banks. In 2004? Charlie, jean and francis had a 6 week effect in Daytona Area. They basically exposed trees that had not subjected to 80 mph wind. Electric lines were way in need of update. Federal money came in and was there for 3 months. Then next june 9 months later i get the FPL bill Florida Power and Light. I had 2 bedroom of 700ft. Summer bills were 125 130 previous 3 years. June was 160. Then july was 190. I called and asked what was going on. They replied its summer it gets hot. So i asked for bill from last year. Roommate had bill in his name and had all bills from last 3 years. I looked up how many watts we used from june to oct. Then aug bill was 210 215. I was ready to call feds when it camw out that they were charging florida residents for costs from storms 9 momths ago. But the feds paid for all. Of it. They never paid anyone back for 3 months of fake charges. 200 from us in a small 2 br on beachside. They didnt care cause they are only game un town.
When did Wells Fargo get established as a Bank of America? What year?
How do you allow people to deposit large sums of money in your bank without documentation to follow it up like paycheck stubs when cashing paychecks that’s your guilty because you allowed people to deposit money and your bank that was stolen from the federal reserve which is a violation of your FDIC guidelines
This is why you BANK LOCAL!
8 years !
YES LORD ! HAVE YOUR WAY . THANK YOU LORD.
5 million for 2 million fake accounts?2.50 ea.that will more than make up for all the fees and credit score damage that was done,LOL.
Consistent with predatory lending practices
I was scammed and cheated by Wells Fargo in a completely different way,
the common problem is that they politely make excuses, deny responsibility, and will not get any resolution from or with the bank company even if you file complaints or attempt to use the mediation process, because their people or people who are paid by Wells Fargo make the decisions and excuses. And so you have to waste time and more money with lawyers and the legal system or connect with political authority 🤔
(please connect me with the people who can help)
Which makes me wonder if some of the people going crazy are dealing with similar people and problems 🤔 😕 🙄
YES LORD
i wont take a wells fargo check.
They should be shut down.
I was one of Many people who Got Taken fraud of fake accounts and I got a check for 135 dollars This Makes me MAD , this Ruined my Life and Marriage because of fake accounts . NOW I want OUR Money Owed To All of US . WE THE PEOPLE.
Maybe those who run the government should inspect what the people expect so they can be more efficient with our tax dollars. Have these people ever worked in the private sector?
Yes why goalssssss you’re a bank!THAT PART
Lock him up!
1000 LIKES 👍
12 years
Go all the way back !
Maybe your CEO at Wells Fargo should get off his ass and get off the golf course and actually go to work
I can't listen to Maloney even if she is on track ,because she is so insulting to the Repulican side of the Committee
Forged signatures