Wells Fargo chief executive John Stumpf should resign, return his pay and be criminally investigated over the bank’s illegal sales practices, Senator Elizabeth Warren said on Tuesday. Warren pointed out that during the time that the unauthorized accounts were being opened, the share price of Wells Fargo went up by about $30. Stumpf personally owns about 6.75m shares of Wells Fargo stock and made more than $20m just off his stock during that time, Warren said. Last spring, Wells Fargo employees staged a protest in front of the corporate office in Minneapolis to draw attention to its sales quotas. “Wells Fargo is trying to blame the 5,000 workers that they have fired as a responsible party here.

Source: The Guardian September 20, 2016 14:56 UTC