asked 206k views
1 vote
John Stumpf quit as CEO of this bank with more accounts than customers but fret not; John had $100 million in stock.

A. Citibank
B. Wells Fargo
C. Bank of America
D. JPMorgan Chase

asked
User NickZoic
by
8.7k points

1 Answer

7 votes

Final answer:

John Stumpf quit as CEO of Wells Fargo after the bank was involved in a scandal of enrolling customers in unnecessary auto insurance and fraudulently creating bank accounts without client consent.

Step-by-step explanation:

The correct answer to the question is B. Wells Fargo.

John Stumpf resigned as CEO of Wells Fargo after the bank was involved in a scandal where they enrolled customers in unnecessary auto insurance and fraudulently created bank accounts without client consent. These actions violated laws and regulations, causing financial harm to many customers.

Despite the criminal nature of these actions, no one from Wells Fargo faced jail time. This incident highlights the lack of alignment between deviance and punishment in the financial sector.

answered
User Jrovegno
by
8.7k points
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