The Wall Street Journal reported that former Wells Fargo chief executive John Stumpf has been barred by regulators from the banking industry and was fined $17.5 million over the firm’s fake-accounts scandal.
Wells Fargo Chairman and CEO John Stumpf will retire, effective immediately. Tim Sloan, company president and chief operating officer, will succeed him as CEO.
Wells Fargo will launch an independent investigation into the company’s retail sales practices. CEO John Stumpf will forfeit more than $41 million of stock, bonus and salary during the investigation.
Wells Fargo reported FY 2015 interest income of $577 million on lease financing average balances of $12.30 billion was down from $690 million on average balances of $12.26 billion a year earlier as yields dropped from 5.63% to 4.70% year/year.
SNL Financial reported that in fiscal 2014, the highest paid U.S. Bank CEO was JPMorgan’s Jamie Dimon, followed by John Stumpf of Wells Fargo.