John G. Stumpf

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John G. Stumpf
JStumpf.jpg
Occupation Former Chairman, President, and CEO
Employer Wells Fargo & Co.
Website www.wellsfargo.com

John Stumpf was the chairman and chief executive officer of Wells Fargo & Co. from January 2010 to October 2016. He led the company through the financial crisis and built it into the world’s most valuable bank. Stumpf resigned as chief executive officer and chairman on October 12, 2016 after it was revealed that employees of the company had opened a large number of accounts for customers who didn’t request them.[1]

He was named chief executive officer in June 2007 and then became chairman in January 2010. He was elected to Wells Fargo’s board of directors in June 2006. [2]

He also serves on the board of directors for The Clearing House, the Financial Services Roundtable, Target Corporation, and Chevron Corporation.

Background

Stumpf joined the former Norwest Corporation (the predecessor of Wells Fargo) in 1982 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 Northwest 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[3] with total assets of more than $13 billion.

n 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the 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 executive vice-president of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.

Education

Stumpf earned his bachelor’s degree in finance from St. Cloud State University, St. Cloud, Minnesota and his MBA with an emphasis in finance from the University of Minnesota.[4]

References

  1. Wells Fargo CEO Stumpf Steps Down in Fallout From Fake Accounts. Bloomberg.
  2. John G. Stumpf Bio. Wells Fargo & Co..
  3. John G. Stumpf Profile. Forbes.com.
  4. John G. Stumpf Brief Biography. Reuters.com.