Stung by scandal, legacy of Wells Fargo's Stumpf at risk as he confronts Congress
John Stumpf tried to quit Washington's Wall Street club.
Last year the longtime leader of Wells Fargo & Co., who sees himself as the quintessential banker to Main Street, wanted to underscore his firm's distance from the Goldmans and Morgans of global finance, according to people familiar with his thinking. So he resigned from the Financial Services Forum, the industry's exclusive inside-the-Beltway lobbying association made up of the largest bank CEOs.
Despite that effort, Stumpf is ending up in a place familiar to some of his Wall Street brethren — being summoned to Capitol Hill to account for a scandal. He and the lender are embroiled in the latest embarrassing episode since the financial crisis, with authorities alleging that bank employees created more than 2 million unauthorized accounts. Highlighting the extent of the problem, more than 5,000 workers were fired over the wrongdoing.