Menendez on Wells Fargo CEO Forfeit of $41M

Menendez on Wells Fargo CEO Forfeit of $41M

WASHINGTON, DC – U.S. Senator Bob Menendez said the following in reaction to news that Wells Fargo CEO John Stumpf is forfeiting $41 million in compensation:

“Clawing back some of the millions in ill-gotten gains from Mr. Stumpf is certainly a step in the right direction, but make no mistake, he will lose little sleep over this loss.  At the same time, thousands of consumers have lost countless nights of sleep worrying that Wells Fargo compromised their credit, their finances, and even the security of their personal information.   And as for the thousands of employees who lost their jobs – especially those who were clearly fired because they refused to take part in a scheme to dupe their customers – this gesture will do little to make up for the harm they have suffered.  I will continue to seek answers about how Wells Fargo created a culture that fostered widespread fraudulent activity – to which they have yet to take any responsibility; recourse for employees wrongly terminated; and how Wells Fargo will ensure that every customer harmed, no matter when, receives appropriate compensation.  And at the end of the day, we need to find out whether this is happening at other banks.”

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