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John Stumpf - CEO of Wells Fargo & Company - Most Respect CEOs - Top CEOs - Best CEOs

John Stumpf
CEO of Wells Fargo & Company

Company Profile

  • Industry: Financial Services & Banking
  • Employees: 267,600
  • Revenues: $69.3B
  • Market Cap: $135B

CEO Achievement

In addition to leading one of the largest banks and financial services companies in the US, he is respected for his leadership performance and honesty. A CEO that does not sugarcoat or omit bad news is a CEO to trust. In his letter to the shareholders (during 2008 financial crisis) he said, “We made some mistakes but kept our credit discipline...It will be a rough year for our economy and our industry. Consumer loans will continue under stress, charge offs [uncollectible debt] probably will continue to rise." Wells Fargo emerged stronger than most other banks and the reason is that they did not invest in what they did not understand (unlike AIG, Bank of America, and Citigroup).

Wells Fargo's Recognitions

  • Ranked World's 41st in Revenues Across All industries (2009 Fortune)

  • Newsweek America’s #1 Green Bank and #13 Greenest Big Company (2009)

  • Human Rights Campaign Perfect Score of 100 on Corporate Equality Index (2009)

  • DiversityInc. Top 50 Companies for Diversity (2009)

  • Top 10 Companies for Recruitment and Retention

  • Bank Technology News #1 Bank Technology Innovator of the Year (2009)

John Stumpf was named Chief Executive Officer in June 2007, elected to Wells Fargo’s Board of Directors in June 2006, and has been President since August 2005. He became the Chairman of Wells Fargo & Company in January 2010.

A 27-year veteran of the company, he joined the former Norwest Corporation (predecessor of Wells Fargo) in 1982 in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis.  He held a number of management positions at Norwest Bank Minneapolis and Norwest Bank Minnesota before assuming responsibility for Norwest Bank Arizona in 1989.  He was named regional president for Norwest Banks in Colorado/Arizona in 1991.  From 1994 to 1998, he was regional president for Norwest Bank Texas.  During his four years in that position, he led Norwest’s acquisition of 30 Texas banks with total assets of more than $13 billion.
In 1998, with the merger of Norwest Corporation and Wells Fargo & Company, he became head of the Southwestern Banking Group (Arizona, New Mexico and Texas). Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming).  In 2000, he led the integration of Wells Fargo’s acquisition of the $23 billion First Security Corporation, based in Salt Lake City. In May 2002, he was named Group EVP of Community Banking. In December 2008, he led one of the largest mergers in history with the purchase of Wachovia.
He serves on the Board of Directors for The Clearing House and the Financial Services Roundtable. He also serves on the Board of Trustees of the San Francisco Museum of Modern Art.
A Minnesota native, he earned his bachelor’s degree in finance from St. Cloud State University, St. Cloud, Minnesota and his MBA with an emphasis in finance from the University of Minnesota.

CEO Insights

Demonstrating the benefit of our diversified business model, most of our consumer business showed strong growth this quarter and helped to offset the decline at Home Mortgage - John Stumpf CEO of Wells Fargo & Company

This outstanding group of environmental experts, representing diverse perspectives and expertise, will help Wells Fargo bring a thoughtful and balanced approach to integrating environmental considerations into our business practices. They'll also be our eyes and ears in the industry, academia and non-governmental organizations to make sure we anticipate emerging environmental issues in our communities and globally  - John Stumpf CEO of Wells Fargo & Company

“We call them team members (an asset in which to invest), not employees (an expense to be managed) - John Stumpf CEO of Wells Fargo & Company

About Wells Fargo & Company

Wells Fargo & Company (NYSE: WFC) is a diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 Wells Fargo and Wachovia stores, 12,000 Wells Fargo and Wachovia ATMs, the Internet and other distribution channels across North America and internationally. They headquartered in San Francisco. One in three households in America does business with Wells Fargo. Wells Fargo has $1.2 trillion in assets and more than 281,000 team members across its 80+ businesses. It is ranked fourth in assets and second in market value of its stock among its U.S. peers as of December 31, 2009.

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