Washington, D.C. – On Wednesday, U.S. Congressman Mark DeSaulnier (CA-11) issued the following statement on the resignation of Wells Fargo CEO, John Stumpf.
“Two weeks ago I called upon Wells Fargo CEO John Stumpf to resign after finding myself, like so many Americans, disheartened and angry at the rejection of Wells Fargo’s corporate social and ethical responsibilities. Today’s announcement is welcome news, but there is much work to be done for this once great California institution to find its moral compass. It is my hope that Mr. Stumpf’s resignation is the first in a series of actions the company is taking to reform business practices and rebuild consumer’s trust.”
On Oct. 1, DeSaulnier sent out the following Press Release:
Washington, D.C. – In the wake of yet another Congressional hearing revealing more dishonesty and fraud perpetrated by Wells Fargo, Congressman Mark DeSaulnier (CA-11), a member of the Oversight & Government Reform Committee, canceled his Wells Fargo account as a signal of his concern with the company and sent a letter to John Stumpf, Wells Fargo CEO, calling on him to resign.
The full text of the letter is below and a copy is attached.
September 30, 2016
John Stumpf
Chief Executive Officer
Wells Fargo & Company
420 Montgomery Street
San Francisco, CA 94104
Dear Mr. Stumpf:
Despite the negative attention drawn by many banks, I have always respected Wells Fargo as a great California and San Francisco institution. Like the millions of Americans betrayed by Wells Fargo, I am highly disappointed and disgusted that Wells Fargo senior management created such a toxic culture for its employees that over 5,000 members of your staff found it necessary to commit fraud to improve company profits. While I previously believed Wells Fargo to be above these shameful practices, I find myself disheartened and angry at the rejection of your corporate social and ethical responsibilities. It is clear that another once fine institution has lost its moral compass.
To add insult to injury, your response to the revelations of your company’s misdeeds are inadequate. Consumer faith in our major financial institutions is vital to the long-term stability and success of our nation’s economy. There are disastrous collateral consequences when great institutions do not live up to the full-faith and fabric of American Democracy.
The trust that I held in your once great institution was a vestige of a better age of business; a day in which unwieldy contracts and teams of lawyers were not necessary to ensure the compliance of contractual obligations, social responsibility, and community goodwill. This culture was epitomized by A.P. Gianni, who built his reputation through trust and openness by helping San Francisco rebuild in the wake of the disastrous 1906 earthquake and fires. In that business era, a handshake symbolized the word and bond of American business.
Given your actions and the lack of trust that has been sewn in the community by you and Wells Fargo, I believe that the best thing you can do for your bank and for the public is to resign.
Sincerely,
Mark DeSaulnier
Member of Congress
