Headlines report “Wells Fargo takes $1.6 billion hit linked to fake-account scandal” and their CEOs are being punished for lack of ethics.
For the second time in 2½ years, a chief executive of Wells Fargo & Co. resigned abruptly on Thursday as the scandal-ridden bank took another stab at putting its problems behind it.
Tim Sloan became chief executive in October 2016, succeeding John Stumpf after the company was hit with the first of what would become billions of dollars in penalties for having opened millions of bank accounts without customers’ authorization.
That’s a far cry from Facebook, though, where a CEO continues to run the company despite ethics demonstrably worse than Wells Fargo.
CNN compared them like this:
One company said goodbye to its CEO and other top executives, clawed back tens of millions of dollars in pay, installed a new chair and hired a law firm to find out what went wrong.
The other company hired thousands of new security workers, conducted opposition research on George Soros and insisted senior executives are here to stay.
In recent polling Wells Fargo and Facebook rank near each other near the bottom of consumer perceptions, barely ahead of the bottom-dwelling Trump Organization.