John Stumpf is one of America’s most divisive CEOs and bankers. He was the CEO of Wells Fargo, one of the top four banks in the United States. He was one of the wealthiest and highest-paid executives in American history. However, due to a large-scale banking scandal, he was forced to resign in 2016.
Quick Facts
| Celebrated Name: | John Stumpf |
|---|---|
| Real Name/Full Name: | John Gerard Stumpf |
| Gender: | Male |
| Age: | 68 years old |
| Birth Date: | 15 September 1953 |
| Birth Place: | Pierz, Minnesota, United States |
| Nationality: | American |
| Height: | 1.82 m |
| Weight: | 79 kg |
| Sexual Orientation: | Straight |
| Marital Status: | Married |
| Wife/Spouse (Name): | Ruth Spanier |
| Children: | N/A |
| Dating/Girlfriend(Name): | N/A |
| Profession: | American business executive and retail banker |
| Net Worth in 2023: | $55 million |
John Stumpf Biography
John Stumpf was born in Pierz, Minnesota, in 1953. He and his ten siblings grew up on a farm. His father was of German ancestry, and his mother was of Polish origin. His family practiced the Catholic faith. John’s childhood was so poor that all his brothers had to share a single room.
He wasn’t academically gifted, but he made it through high school. John was forced to work as a breadmaker in a nearby bakery. Later, he was granted provisional admission to St. Cloud State University, where he earned a Bachelor of Science in Finance. He then started working as a repossession agent for First Bank in Minnesota. He later earned an MBA from Carlson School of Management.
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John Stumpf’s Age, Height, Weight
John Stumpf was born on September 15, 1953, and is 68 years old as of 2023. His height is 1.82 m, and he weighs 79 kg.
Career
In 1982, Stumpf joined Northwestern National Bank. He quickly advanced to senior vice president at Norwest Bank in Minneapolis. At Norwest Bank in Minneapolis, he was promoted to several senior management positions. He assumed overall responsibility for Norwest Bank Arizona in 1989.
John became a regional president for Norwest Banks in Colorado two years later. He was appointed regional president of Norwest Bank, Texas, in 1994. He held this position until 1998, when he assisted in acquiring 30 Texas banks totaling more than $13 billion in assets.
That same year, Norwest merged with Wells Fargo, and Stumpf was named President of Wells Fargo’s Southwestern Banking Group. In 2000, he was named head of the new Western Banking Group and was instrumental in the $23 billion acquisition of First Security Corporation.
Stumpf was appointed Group Executive Vice President of Community Banking in 2002 and became a director of Visa Inc. in 2006. He assisted Wells Fargo in its acquisition of Wachovia in 2008. This is one of the largest banking mergers in history.
Achievement and Awards
Stumpf was appointed CEO of Wells Fargo in 2007 and chairman in 2010. Despite all of his accomplishments, he was forced to resign. His actions were erased in 2016 when Stumpf was forced to resign as Chairman and CEO due to a customer account scandal and subsequent public and legislative pressure. Timothy J. Sloan succeeded him.
John Stumpf’s Net Worth in 2023
John Stumpf has received a very enviable salary and bonuses since becoming CEO and then Chairman of Wells Fargo. His total compensation was approximately $24 million, with a base salary of $3 million. He also received roughly $5 million in cash bonuses. In addition, he received $15 million in stock options. His pay package includes 1.6 million shares of Wells Fargo stock worth approximately $79 million and other payments totaling more than $27 million. John Stumpf’s current net worth is more significant than $55 million as of October 2023.
Despite humble beginnings, John Stumpf rose to the banking industry’s top in a flash. Stumpf, 68, is said to have been CEO since 2007, yet he allowed or encouraged the phony accounts scandal right under his nose. He benefited from the unauthorized creation of 2 million credit card and deposit accounts without the knowledge of bank customers. He harmed the bank’s brand equity, cost it $185 million in penalties, and disgraced himself. There are some things that money cannot buy, as the saying goes.
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Categories: Biography