What is John Stumpf’s Net Worth & Salary?
As of 2023, John Stumpf’s net worth is estimated at $50 million. He has earned all his fortune from his banking career.
According to Wells Fargo’s annual proxy statement, John’s base salary was $2.8 million with a $4 million incentive award, plus $12.5 million in long-term equity incentives. In 2013, his total compensation was $19.3 million, and in 2014 it was $21.4 million.
Unfortunately, he resigned from Wells Fargo over the fake accounts scandal. He gave up approximately $45 million in compensation by letting go of 910,000 shares in unvested stock awards, including his bonus.
In 2017, John paid an additional $28 million in fines from the OCC filing.
The estimated loss was $130 million worth of cash payouts, stocks, and others.
John Stumpf’s Net Worth Estimate Year Wise
The graph of John Stumpf‘s Net Worth is shown below-
John Stumpf’s net worth 2023 – is $50 million
|Net Worth Year||Total Income|
But how does all this fame and popularity convert into cold hard cash?
What sort of worth does this famous Banker make?
So, let’s dive deep to discover John Stumpf‘s net worth and how much this celebrity made his fortune.
How did John Stumpf’s Net worth reach $50 Million?
John Stumpf started his banking career by joining Northwestern National Bank in 1982.
He began working in the loan administration department and later got appointed as the senior vice president and chief credit officer for Norwest Bank, Minneapolis.
After serving in several management positions at Norwest Bank, John became the regional president of the bank in Arizona in 1991.
He later served as regional president for Norwest Bank Texas from 1994 to 1998.
During his tenure, Stumpf led Norwest’s acquisition of 30 Texas banks with approximate assets of $13 billion.
In 1998, Norwest got merged with Wells Fargo.
After the merger, John became the head of Wells Fargo’s Southwestern Banking Group. Two years later, he also headed the Western Banking Group.
Furthermore, Stumpf led the acquisition of a multistate bank holding company, First Security Corporation, for $23 billion in 2000. He also led the merger of a diversified financial services company, Wachovia, in December 2008.
In 2005, John Stumpf became the president of Wells Fargo. A year later, he got elected to the board of directors.
In June 2007, he became the CEO of the company. In 2010, he became the chairman of Wells Fargo and had a base salary of $2.8 million.
Additionally, John served as a director of the National Association and a Member of the Litigation Committee at Visa Inc. in 2006.
Resigned from Wells Fargo
Unfortunately, Stumpf resigned from Wells Fargo in 2016 for his involvement in a fake account scandal.
In September, he agreed to pay $185 million in fines.
In January 2020, the U.S. government’s Office of the Comptroller of the Currency announced his lifetime ban from the banking industry. They fined him $17.5 million for his part in the sales tactics scandal.
He left Wells Fargo with a loss of more than $130 million worth of stocks, cash payouts, and other compensations.
John Stumpf in Real Estate
John purchased a 4,000-square-foot house in Paradise Valley, Arizona, for nearly $3.78 million in September 2018. It features 3 bedrooms and 4 bathrooms.
John Stumpf is 69 years old American business executive and retail banker. As of 2023, John Stumpf’s net worth is estimated at $50 million.
He is well known for being the former chairman and CEO of an American multinational financial service company, Wells Fargo & Company, from 2005 to 2016.
Stump began his career in 1982, joining the company’s predecessor, Norwest Corporation. He started his job in the loan administration department and later became the regional president of Norwest Bank Texas.
In 1998, after the merger of Norwest with Wells Fargo, John became the executive vice president of community banking. He led the merger of Wachovia with Wells Fargo.
In 2012, Stumpf got listed on the 50 Most Influential list of Bloomberg Markets Magazine.
In 2016, he resigned from Wells Fargo due to his role in the fake accounts scandal.
Stumpf got banned from the banking industry in 2020, agreeing to a $17.5 million fine.
How old is John Stumpf now?
John Stumpf was born on 15th September 1953 in Pierz, Minnesota, named John Gerard Stumpf.
As per his date of birth, John Stumpf’s age is around 69 years.
Family & Siblings
He grew up on a dairy and poultry farm with his family and 10 siblings. His father worked as a dairy farmer.
John was raised Catholic and is of German and Polish descent. He shared the same bedroom with his brothers until he got married.
After completing his studies, John worked as a bread maker in a Pierz bakery. Later, he got a job at First Bank in St. Paul, Minnesota.
John Stumpf attended the local high school for his studies.
He later enrolled at St. Cloud State University, earning his bachelor’s degree in finance and an MBA from the University Of Minnesota Carlson School Of Management.
John Stumpf’s Wife & Kids
John Stumpf married his high school sweetheart, Ruth Spanier, in 1975.
However, there is no more information about his personal life and kids.
John Stumpf is a Minnesota-based business executive. He got famous as the former CEO of Wells Fargo from 2005 to 2016.
John did various jobs, from a bread maker to a repossession agent. He finally became a banker in 1982.
Stumpf earned well by being the CEO of one of the top four banks in the United States. He is one of the wealthiest and highest-paid executives in the United States.
However, he was forced to resign in 2016 due to a large-scale banking scandal. He harmed the bank’s brand equity, which cost him $185 million in penalties.
In 2020, John received a lifetime ban from the banking industry with a $17.5 million fine for his part in the sales scandal.
As of 2023, John Stumpf has a net worth of $50 million.
John Gerard Stumpf (born 15 September 1953), famous as John Stumpf, is an American business executive and retail banker.
John Stumpf‘s real name is John Gerard Stumpf.
John Stumpf‘s net worth in 2023 is estimated at $50 million.
The famous American retail banker was born on, 15 September 1953, as of 2023, John Stumpf is 69 years old.
John Stumpf has been married to Ruth Spanier since 1975.