|Born||John Gerard Stumpf
September 15, 1953
Pierz, Minnesota, U.S.
|Residence||San Francisco, California, U.S.|
|Alma mater||St. Cloud State University
University of Minnesota
|Occupation||Chairman & CEO of Wells Fargo|
|Salary||US$ 19.3 million (2014)|
|Board member of||The Clearing House, Financial Services Roundtable, Target Corporation, Chevron Corporation|
John Gerard Stumpf (born September 15, 1953) is an American business executive and retail banker. He is the current chairman and chief executive officer of Wells Fargo, one of the Big Four banks of the United States. He became chairman in January 2010. He was named CEO in June 2007, elected to Wells Fargo’s board of directors in June 2006, and has been president since August 2005.
A Pierz, Minnesota native, Stumpf grew up as one of 11 children on a dairy and poultry farm. His father was a dairy farmer. His father is of German descent and his mother, Polish descent. He was raised as a Catholic. Stumpf shared a bedroom with his brothers until he was married. Stumpf graduated in the bottom half of his high school class. His bad grades, combined with his limited family finances, resulted in Stumpf obtaining a job as a breadmaker in a Pierz bakery. After a year, Stumpf enrolled in St. Cloud State University on a provisional basis. He eventually obtained a job as a repossession agent at First Bank in St. Paul, Minnesota.
In 1982, Stumpf joined Northwestern National Bank, the former Norwest Corporation which ultimately merged with Wells Fargo. He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis. He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989. He was named regional president for Norwest Banks in Colorado/Arizona in 1991. From 1994 to 1998, he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest’s acquisition of 30 Texas banks with total assets of more than $13 billion.
In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the Southwestern Banking Group (Arizona, New Mexico and Texas). 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 2000, he led the integration of Wells Fargo’s acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.
In September 2016, the Consumer Financial Protection Bureau fined Wells Fargo $100 Million for opening two million checking and credit-card bank accounts without the consent of their customers. In a September 20, 2016 hearing before the United States Senate Committee on Banking, Housing and Urban Affairs, Senator Elizabeth Warren told Stumpf he should resign, adding that he should be "criminally investigated". 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.
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