We are watching a lot of institutions slowly imploding, due to lack of credibility and dwindling integrity. Stumpf’s remarks are Exhibit A in Corporate Cluelessness. Banking seems to be undergoing a fairly spectacular implosion but these institutions are so large that it is taking a long time. Enough of the lies of capitalism, that the motive of money which to most is the motive of survival motivates people to contribute to society.
The Well Fargo CEO is on the hot seat, and seems likely to be forced to resign his position. His testimony to the Senate has not been going well, and there evidence the culture at the firm caused the aggressive sales practices, rather than rogue employees. The company will also look to move beyond this embarrassment.
Yes, after Well Fargo workers claimed they were fired for trying to report the unfair sales practices to superiors, the Wells Fargo CEO will be forced to resign. I believe that the attempts at whistle-blowing by the lower-level Wells Fargo employees should be lauded and that because of his inaction, the CEO should absolutely resign.
CEOs of any company hold so much power and money that they are rarely punished for unscrupulous business practices. Unless there is enormous backlash and bad press will the CEO be forced to resign, and only then to help save the company's reputation. Being forced to resign, while still keeping your wealth, is not much a punishment for the head of a company.