Thursday, October 13, 2016 – 08:30 a.m.
Wells Fargo may be one of the most financially-stable financial institutions in the world. But its greed was a recipe for disaster.
Chief Executive Officer John Stumph is retiring effective immediately.
His departure comes in the wake of a scandal involving the creation of millions of fictitious accounts that bank new account reps opened without customer knowledge.
Then there’s the second scandal involving the bank illegally repossessing vehicle and homes from military members deployed on active duty.
But the corruption and bad faith doesn’t just end here when it comes to Wells.
A third scandal, involves a lawsuit accusing Wells Fargo of foreclosing on customers who successfully-completed trial mortgage modification payment plans.
Customers, instead of having their mortgages modified after completing the twelve-month programs, were instead placed into foreclosure proceedings.
Resigning without a severance package isn’t good enough for Stumph and company.