John Stumpf '76
Wells Fargo chairman
John Stumpf '76, Wells Fargo chairman, president and CEO.
Wells Fargo chairman, president and CEO John Stumpf ’76 credits family, friends and mentors for his success. Industry observers cite the Pierz, Minn. native's skill at crafting billion-dollar deals.
In February 2012, Wells Fargo was named the most valuable bank brand in the United States by The Brand Finance Banking 500 report. The same report valued Wells Fargo at $23.23 billion, declaring it the second most valuable bank brand in the world.
San Francisco-based firm Wells Fargo, the nation's fourth-largest bank, provides banking, insurance, investments, mortgage and consumer/commercial finance through more than 9,000 stores nationwide.
BusinessWeek magazine named Stumpf one of the Best Managers of 2008, an honor given to just 12 American business executives. The 80-year-old weekly pointed to Stumpf's $15 billion acquisition of Wachovia as one of the moves that has turned Wells Fargo into a "bicoastal banking powerhouse."
Stumpf is hailed as one of the few banking executives to avoid the sub-prime mortgage mess that has dragged down American banks. Listen to his June 2008 interview with Kai Ryssdal of public radio's Marketplace radio show. Among his career accomplishments, Stumpf led the former Norwest Corporation's acquisition of 30 Texas banks and headed up Well Fargo's acquisition of the $23 billion First Security Corporation.
Stumpf was born and raised on a Minnesota farm. His drive to the top took shape at St. Cloud State University, where he earned a degree in finance.
Former Wells Fargo Chairman Dick Kovacevich speaks highly of Stumpf: "We firmly believe there's no other leader, anywhere in financial services, better equipped to lead Wells Fargo to the next stage of success in satisfying all our customers' financial needs and in achieving our goal of industry-leading, double-digit growth in revenue and earnings per share."