Lloyd Blankfein had his Abacus. Now John Stumpf, the Mr. Clean of American banking, is getting a scandal of his own.In a remarkable turnabout for Stumpf, Wells Fargo , the bank he's run to the envy of peers and the delight of top shareholder Warren Buffett , has been swept up in one of the industry's most embarrassing episodes since the financial crisis. In a subsequent interview with CNBC's Jim Cramer , who asked the CEO to respond to calls that he resign, Stumpf said "the best thing I can do right now is lead this company , and lead this company forward. "He might ask Blankfein and Dimon for advice when he appears before the Senate Banking Committee on September 20. While Blankfein repeatedly said the firm had done nothing wrong, it paid a $550 million fine to settle with the SEC.

Source: Economic Times September 15, 2016 03:11 UTC