Senator Elizabeth Warren told Wells Fargo’s board of directors on Thursday that John Stumpf’s resignation is not enough to assure “proper accountability” at the bank, and raises questions about Stumpf’s departing compensation and whether the bank’s new chief executive was involved in the fake accounts scandal.
In a new letter, Warren and fellow Senate Banking Committee member Sen. Bob Menendez, D-New Jersey, asked Wells Fargo whether Stumpf will receive any other retirement-related payments. Warren and Menendez also asked the board if it has “properly addressed” whether newly appointed CEO Tim Sloan, the bank’s former president and chief operating officer, “knew about or played any role in the scandal.”
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