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 June 2007, he was appointed as the CEO of Wells Fargo and then became chairman in January 2010. John G. Stumpf is an American business executive and retail banker who is known for being the former chairman and chief executive officer of Wells Fargo which is one of the Big Four banks of the United States.

After graduation from Pierz Healy High School, the family did not have enough money for him to continue education, so he began working as a bread maker in a bakery. On June 27, 2006, John G. Stumpf became the director of the National Association and also served as a Member of the Litigation Committee at Visa Inc. [12][13][14] He was grilled by angry lawmakers on Capitol Hill in hearings before the U.S. Senate Banking Committee as well as the House Financial Services Committee. However, in 1989 he took a further step upwards, assuming the position of manager of the Norwest Bank Arizona, and two years later he became the regional president for Norwest Banks in Colorado/Arizona. By the end of the 1980s, he had served in several management positions in the Norwest Bank Minneapolis and Norwest Bank Minnesota. [20], Stumpf stepped down as CEO and chairman of the board on October 12, 2016. [7], Norwest merged with Wells Fargo in 1998.

[17][18] Two days later, Stumpf again appeared before Congress, declaring his intent to forfeit at least $41 million in pay. Little by little, John became more and more involved in high level operations, and in 2006 he became one of the members of the Board Of Directors. After a year, he became a student at St. We use cookies to ensure that we give you the best experience on our website. Stumpf graduated in the bottom half of his high school class. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. [6], In 1982, Stumpf joined Northwestern National Bank, the flagship bank of Norwest Corporation. Cloud State University, St. If you continue to use this site we will assume that you are happy with it. He was named CEO in June 2007, elected to the board of directors in June 2006, and named president in August 2005. [3] His father was a dairy farmer. [8] In 2012, Stumpf's total compensation was $22.87 million with a base salary of $2.8 million, $3,300,000 in cash bonuses, $12.5 million in stock granted, and $15,000 in other compensation.

John Stumpf was raised in a big Catholic family on a dairy farm, one of 11 children born to Herb Stumpf, who was a dairy farmer, and his mother, Elvira Stumpf. He was raised as a Catholic. His bad grades, combined with his limited family finances, resulted in Stumpf obtaining a job as a breadmaker in a Pierz bakery. Three years later he was named as the regional president for Norwest Bank Texas, a position in which he served until 1998. [9][10], Stumpf served as director of National Association since June 27, 2006 and a Member of Litigation Committee at Visa Inc.[11], In September 2016, Wells Fargo was fined $100 million by the Consumer Financial Protection Bureau, $50 million by the Office of the Comptroller of the Currency and $35 million by the city and county of Los Angeles, for opening two million checking and credit-card bank accounts without the consent of its customers.

After a year, Stumpf enrolled in St.

Cloud, Minnesota, and obtained a bachelor’s degree in finance. He was raised alongside his siblings on a dairy and poultry farm. [19] On January 23, 2020, Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the fake account scandal. John Stumpf was raised in a big Catholic family on a dairy farm, one of 11 children born to Herb Stumpf, who was a dairy farmer, and his mother, Elvira Stumpf. Little by little his career began to improve, which resulted in an increase to his net worth. A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm. John married Mary Stumpf (born Rauch) on month day 1914, at age 23 at marriage place, Minnesota. John`s career began in the early 1980s, when he became an employee of the Northwestern National Bank, in the sector of loan administration, but soon moved to a level higher, becoming the senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. John G. Stumpf Facts He was raised alongside his siblings on a dairy and poultry farm. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia. Cloud State University, Steve Stumpf, Jessie Stumpf, Claude Stumpf, Joel Stumpf, Sunday Morning Futures with Maria Bartiromo. Stumpf graduated in the bottom half of his high school class. John had 9 siblings: Gertrude Adelaide Schmidtbauer (born Stumpf), Mary Anna Stumpf and 7 other siblings. Pierz, Morrison County, Minnesota, United States. A native of Pierz, Minnesota, Stumpf grew up as one of 11 children on a dairy and poultry farm.

Until he got married, John G. Stumpf used to share a bedroom with his brothers. John Gerard Stumpf was born on the 15th September 1953 in Pierz, Minnesota USA, of Polish and German ancestry.

John G. Stumpf is of German descent on his father’s side and has Polish roots on his mother’s side. He also testified that Wells Fargo will drop its sales incentive program by the end of the week. Cloud State University on a provisional basis. During his stint as regional president, Norwest Bank Texas acquired 30 Texas banks, with accumulated assets worth over $13 billion. He was succeeded by Timothy J. Sloan. John Stumpf keeps his private life for himself, so there is no information in the media about it, except the fact that he has been married to his high school sweetheart, Ruth Spanier, since 1975. Cloud State University on a provisional basis. According to authoritative sources, it has been estimated that the total size of John’s net worth is as high as $50 million, which has been accumulated through his successful career as a businessman and banker, and is likely to increase as his annual salary is equal to $23 million per year. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. He became chairman in January 2010. Stumpf shared a bedroom with his brothers until he was married. He has worked as a repossession agent at First Bank in St. Paul, Minnesota. [22], University of Minnesota Carlson School of Management, Office of the Comptroller of the Currency, "Mr John Gerard Stumpf - Director at Wells Fargo Bank, National Association", "Wells Fargo is now the nation's biggest bank by market value", "Wells Fargo CEO John Stumpf on Leadership, Corporate Citizenship, Sustainable Business & Accountability", "John G. Stumpf Biography – Chairman, President, and CEO – Wells Fargo", https://www.npr.org/sections/thetwo-way/2016/10/12/497729371/wells-fargo-ceo-john-stumpf-resigns-amid-scandal, "Consumer Financial Protection Bureau Fines Wells Fargo $100 Million for Widespread Illegal Practice of Secretly Opening Unauthorized Accounts", "Wells Fargo boss urged to resign over accounts scandal", "Wells Fargo's CEO just got grilled by the Senate", "Wells Fargo's Reaction to Scandal Fails to Satisfy Angry Lawmakers", "Senator Elizabeth Warren Grills Wells Fargo CEO John Stumpf On WFC Cross-Selling CNBC", "Wells Fargo Board Actively Considering Executive Clawbacks", "Wells Fargo may claw back some of CEO John Stumpf's compensation", Banned: Former Wells Fargo chief executive barred from banking industry, "Accountability as Chair of Wells Fargo & Company Board of Directors", https://en.wikipedia.org/w/index.php?title=John_Stumpf&oldid=984538208, Creative Commons Attribution-ShareAlike License, This page was last edited on 20 October 2020, at 16:37. John G. Stumpf was involved in a fake accounts scandal in which he opened 2 million checking and credit-card bank accounts without the consent of its customers. In addition to their first born, the Stumpfs are the parents of William, Mary Jo Kling, Eileen Devereaux, John, Brian, Anne O’Connor, Jean Fricano, Kevin and Colleen Bennett. His father is of German descent and his mother of Polish descent. [16] On September 27, The Wall Street Journal reported that the board was considering cutting back on compensation for Stumpf and former retail banking head Carrie Tolstedt. In May 2002, he was named Group EVP of Community Banking. Have you ever wondered how rich John Stumpf is, as of mid-2016?

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