He got a tongue lashing. He still has not faced any real consequences for what he did.
"For some reason, the fact that Wells Fargo is a really big enterprise cut no ice with the various Congresscritters."
Why would that excuse any of it? He's paid ungodly sums of money to be in charge of the company, and be responsible for it. If he can't handle it, then he does not deserve that money.
I didn't say it would excuse anything. He's responsible. There were bad actors within WF. Some people ( presumably there's correlation between that and who was a bad actor ) were fired. I don't mean the people who were fired under the compensation structure.
This might take a while. They have 265,000 employees. If it's O(n) and each case takes thirty man-minutes, that's 66.25 man-years.
I don't know any other context than the congressional hearings. But this appears to be a sacrificial resignation.
"Ungodly sums of money" is quite the (non) standard. I hold that the cultural failings and biases that cause us to cause the existence of these behemoths are still with us.
Why are we still talking about compensation policy? Can't we figure out how to pay people? This is clearly a case of gamification of a variable compensation policy.
What's behind that "Can't we figure out how to pay people?" Isn't that what's at issue in general? Isn't that what drives the debate over inequality? There's Something Wrong. With us.
Until he has the shit kicked out of him in a jail cell, it isn't. As I said before, Stumpf is not facing any real consequences for his actions.
https://en.wikipedia.org/wiki/List_of_banks_and_credit_union...
https://en.wikipedia.org/wiki/List_of_banks_and_credit_union...
https://en.wikipedia.org/wiki/Big_Five_%28banks%29
RBC was biggest by quite a margin and for a long time.
For some reason, the fact that Wells Fargo is a really big enterprise cut no ice with the various Congresscritters.
FWIW, I am not a "break up the banks" guy[1] mainly because of things written and said in podcasts by Charles Calomiris, author of "Fragile By Design" along with Stephen H. Haber. It is all more nuanced and complicated than that, and the small bank lobby in the US really is a thing and a thing that has caused problems.
[1] Canada has very close to only one bank and has had no financial crises to speak of.