[Above] Brad Linskens removed from his position at the Office of the Comptroller of the Currency where he was in charge of and failed miserably at monitoring Wells Fargo.

After Wells Fargo’s scandalous case where their employees used bank customer information to create fake accounts hit the press and the situation came to a head, CEO John Stumpf, walked away with $133.1 million+.  When the scandal surfaced, Stumpf tried to convince investors, lawmakers and consumers that Wells Fargo had no “bad” bank culture.

He didn’t have an explanation for the theft of mega millions created by bank employees when they created more than 2 million credit cards and bank accounts by user customer information without permission of the bank customers themselves.

Instead, Stumpf said he had fired 5,300 + “bad” employees for the mega theft. Then last September, he denied the scandal was grave at all and that it had nothing at all to do with him.

Some employees fought back by suing Wells Fargo.

Polonsky v. Wells Fargo Bank by Syndicated News SNN.BZ on Scribd

The majority of Stumpf’s payoff will come from some  2.4 million shares earned by Stumpf earned over his years working at the company. That stake is worth $109.9 million.

Stumpf also has some $4.4 million from deferred compensation, and another $19.9 million in his pension account.

John Stumpf did not assume any responsibility for the bank’s loss of reputation and considers himself blameless.

That doesn’t include the office space, personal driver and administrative assistant Stumpf would be eligible for if he stays on as a consultant to Wells Fargo for the next two years. Those benefits are worth about $200,000, according to the firm’s proxy filing.

Pamela Conboy, Lead Regional President at Wells Fargo Bank

What’s more, while the bank has said that it will claw back $41 million in unvested options from Stumpf, it’s not clear where that is coming from.

The most recent filings from the company only accounts for about $24 million of the $41 million in unvested shares Wells Fargo says it has clawed back.

That suggests that the bank awarded another 39,920 or so shares between February and September that would have vested some time after September 27—the date the claw back was announced.

Now after all of this – he assumes no responsibility and throws all the bank’s employees under the bus. The thefts of bank customers dates back to 2005.  Wells Fargo hung up during 12 call attempts.


The top government inspector charged with watching over Wells Fargo has been removed from his duties monitoring the bank.

Claudia Russ Anderson, Wells Fargo

The shakeup at the Office of the Comptroller of the Currency, a federal bank regulator, comes nearly seven months after a fake account scandal rocked Wells Fargo.

The OCC removed Bradley Linskens from his role as the most senior bank examiner for Wells Fargo within the past two weeks.

As the top inspector covering Wells Fargo since March 2014, Linskens worked inside of the bank’s San Francisco headquarters and oversaw a team of 60 to 70 OCC employees, according to the source.

That means Linskens would have been overseeing Wells Fargo during the 2011 to 2016 timeframe the bank has admitted to creating as many as 2 million fake accounts, which led to the firing of 5,300 employees.

The activity prompted Wells Fargo to reach a $185 million settlement in September with the OCC, the Consumer Financial Protection Bureau and the L.A. City Attorney. The OCC fine totaled $35 million.


Meanwhile, in the middle of the theft revelation, the Office of the Comptroller of the Currency was promoting Brad Linskens to “Senior” National Bank Examiner

After 23 years at the regulator, Linskens was promoted to the role of senior national bank examiner in January 2016.

At the time, Comptroller of the Currency Thomas Curry praised Linskens for having “greatly contributed to fulfilling our mission of ensuring the safety, soundness and fairness of our federal banking system.”

Curry, facing questions over how the Wells Fargo scandal was able to go on for so many years, opened an internal review into the agency in September 2016. He said at the time the review would “identify gaps in our supervision and assess any lessons the agency can learn from it.”

The OCC declined to make Linskens available for comment, and attempts to reach him were unsuccessful.

Wells Fargo (WFC) declined to comment.

Related: Wells Fargo’s whistleblower problem The news, which was first reported by Reuters, comes as Wells Fargo braces for the release of a wide-reaching investigation run by the bank’s independent directors. Wells Fargo Chairman Stephen Sanger has promised the probe, launched amid the firestorm created by the settlement, will “follow the facts wherever they lead.”

The San Francisco banking giant said its board unanimously agreed to terminate Shelley Freeman, former Los Angeles regional president and later the head of consumer credit solutions; Pamela Conboy, Arizona lead regional president; Matthew Raphaelson, head of community bank strategy and initiatives; and Claudia Russ Anderson, former community bank chief risk officer.

Matthew Raphaelson, Erin Dev, Dana Raphaelson and Angelique Griepp

“None of these executives will receive a bonus for 2016 and they will forfeit all of their unvested equity awards and vested outstanding options,” the company said in a news release.

 

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