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Warren demands Wells Fargo CEO ‘return every nickel’ he made from scandal

by Jessie Hellmann - 10/12/16 7:24 PM ET

It’s not enough for the CEO of Wells Fargo to resign, Sen. Elizabeth Warren (D-Mass.) said Wednesday.

{mosads}Following news that John Stumpf would retire immediately, Warren demanded he face investigation for a scandal that involved the creation of fake accounts for unwitting customers.

“As I said: @WellsFargo CEO Stumpf should resign, return every nickel he made during the scam, & face DOJ/SEC investigation. He’s 1 for 3,” Warren said.

As I said: @WellsFargo CEO Stumpf should resign, return every nickel he made during the scam, & face DOJ/SEC investigation. He’s 1 for 3.

— Elizabeth Warren (@SenWarren) October 12, 2016

In September, the bank struck a settlement with government regulators, paying $185 million to settle claims that it created millions of unwanted accounts to meet sales goals.

The bank has fired over 5,000 employees for the improper activity, which spanned years. But Stumpf was roundly criticized by members of both parties during appearances before Congress last month, where it was made clear that lawmakers believed top executives had to be held responsible for the activity.

In a statement, Stumpf did not reference the scandal but simply said that “it is best for the company that I step aside.”

“I am grateful for the opportunity to have led Wells Fargo,” said Stumpf, who had been with the bank for 34 years.

Tags Elizabeth Warren