TheStreet: Wells Woes Might Sink Stumpf says Jim Cramer - TheStreet

Jim Cramer: Wells Fargo Woes Might Sink CEO John Stumpf

Wells Fargo CEO John Stumpf might not survive the account creation scandal now that it has blown up into a Congressional affair, says Jim Cramer.
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Wells Fargo (WFC) - Get Report CEO John Stumpf might not survive the account creation scandal now that it has blown up into a Congressional affair, says TheStreet's Jim Cramer. Wells Fargo CEO John Stumpf was under scrutiny again on Thursday on Capitol Hill, arguing that there had been no "orchestrated effort" of customer fraud. The bank has been under pressure to explain and correct a recent scandal wherein its retail-banking division created up to 2 million unauthorized customer accounts to meet sales targets. The bank has since agreed to a $185 million settlement with government officials over a sales fraud investigation. Stumpf also said the bank would discontinue all sales goals by the end of the week. Stumpf told the House Financial Services Committee the bank no longer needed those targets to grow.