Biography
John Stumpf is an American businessman and former CEO of Wells Fargo, one of the largest banks in the US. He was born in 1953 and joined the bank in 1982 as a loan officer. During his tenure, he oversaw the expansion of Wells Fargo’s business and received significant compensation. His net worth was estimated at $50 million as of 2021. Despite his success, his legacy has been tarnished by the scandal that occurred under his watch. He is now retired and has largely avoided the public eye since his resignation.
Timeline
1953: John Stumpf was born on September 15 in Pierz, Minnesota.
1971: Stumpf graduates from St. Cloud Technical High School in St., Minnesota. In the Cloud.
1975: Stumpf graduates from St. Cloud State University BA in Finance. 1982: Stumpf joins Wells Fargo as a loan officer in the bank’s commercial banking department.
1998: Stumpf named chairman of Wells Fargo Southwestern Banking Group. 2005: Stumpf is promoted to group president of Wells Fargo.
2007: Stumpf replaces Wells Fargo CEO Dick Kovacevich. 2011: Stumpf testifies before Congress about Wells Fargo’s mortgage lending practices after the
2008 financial crisis.
2016: Wells Fargo employees reveal they opened millions of unauthorized accounts to meet sales quotas. Stumpf faces strong criticism and retires as CEO in October of that year.
2017: Stumpf testifies again to Congress about the unauthorized account scandal.
2021: Forbes estimates Stumpf’s net worth to be $50 million. This timeline highlights some of the major milestones and events in Stumpf’s life and career, including his rise through the ranks at Wells Fargo, his tenure as CEO, and the scandal that ultimately led to his resignation.
5 interesting facts about John Stumpf:
- Stumpf began his career as a rap man, acquiring cars for a financial institution.
- He was a board member of The Clearing House, a banking association.
- Stumpf and his wife have donated millions of dollars to various charities, including the San Francisco Museum of Modern Art and the University of St. Thomas in Minnesota.
- He was a competitive swimmer in high school and college.
- Stumpf is of German origin and speaks the language fluently.
5 Quotes from John Stumpf:
- “In business, we talk about trust all the time, but trust is earned one transaction at a time, and it’s lost one transaction at a time.”
- “We believe in rewarding our team members for doing a great job and creating long-term value for our customers, shareholders and communities.”
- “People don’t come to Wells Fargo for the transaction, they come to Wells Fargo for the relationship.”
- “We believe that trust is fundamental to banking, and that trust is earned by keeping our promises, telling the truth, and doing what’s right.”
- “Our vision is to satisfy our customers’ financial needs and help them succeed financially.”
