Wells Fargo chief Stumpf heads to Hill with pressure mounting
Wells Fargo & Co's (WFC.N) Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street.
The bank's move earlier this week to claw back $41 million in stock awarded to Stumpf, an unprecedented rebuke for a major U.S. bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorized credit card and deposit accounts to meet sales quotas.
The scandal... read more
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