• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

2

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

3

Current price of gold as of July 8, 2026

1

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

2

Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil

3

Current price of gold as of July 8, 2026
Arts & EntertainmentWells Fargo

John Oliver Decimates Wells Fargo’s John Stumpf in 4 Minutes

By
Tom Huddleston Jr.
Tom Huddleston Jr.
Down Arrow Button Icon
By
Tom Huddleston Jr.
Tom Huddleston Jr.
Down Arrow Button Icon
September 26, 2016, 9:59 AM ET
Add Fortune on Google for similar content.

Comedian John Oliver returned to late-night TV on Sunday night after his most recent hiatus and the host of HBO’s Last Week Tonight dove into trending news topics like the recent riots in Charlotte and the Wells Fargo banking scandal, as well the latest developments in the presidential election.

Before Oliver got to the evening’s main segment—a scathing look at the disproportionate number of scandals attributed to Donald Trump versus rival Hillary Clinton’s own controversies—the late-night TV host tackled the ongoing developments at Wells Fargo in a roughly four-minute segment. The San Francisco-based bank has recently lost billions of dollars in market value, relinquishing its status as the most valuable bank in the world, in the wake of a fraud scandal that saw Wells Fargo fire 5,300 employees for creating roughly 2 million fake accounts in order to hit internal sales targets.

Oliver laid into the bank for opening the fraudulent accounts while leaving customers in the dark. “Hidden fees are bad enough without being hidden inside hidden accounts with hidden PIN numbers made with hidden email addresses—because that’s like a Russian nesting doll where the last doll is giving you the middle finger,” Oliver said.

Where did Wells Fargo employees get the idea to take these fraudulent actions? Oliver highlighted the bank’s “incentive compensation program,” which highly incentivized employees to open as many new accounts as possible.

“All this is a little surprising, given that the bank’s CEO, John Stumpf, has talked a big game about decency and integrity,” Oliver said before showing a clip from a video interview Stumpf did with Fortune in 2015, in which he said “the DNA of leadership is trust.”

http://www.youtube.com/watch?v=E7FJaBDfJ9s

Last Week Tonight then turned to Stumpf’s recent grilling on Capitol Hill, where the Wells Fargo CEO showed up with a conspicuous bandage on one hand—”which I legally can’t say is the result of carpal tunnel from typing in so many fake email addresses,” Oliver joked.

Much like Senator Elizabeth Warren and the Senate Banking Committee did in Washington, D.C., the comedian took Stumpf to task over the fact that the $185 million settlement agreement that Wells Fargo reached with federal regulators looks like a relatively paltry sum compared to the massive amounts of money the bank (and Stumpf himself) made while the fraud was occurring.

Wells Fargo reported $23 billion in profit in 2015, while Fortune recently reported that the departed executive who ran the bank’s unit responsible for the fraudulent accounts may have to pay back a portion of her $124.6 million exit package. Meanwhile, Stumpf could end up collecting more than $200 million for himself in severance—made up of cash, Wells Fargo stock, and options—if he is forced out by the scandal.

“The only way that could possibly be okay is if they put that money in 20 million fake accounts of $10 each and never, ever tell him about them,” Oliver said of Stumpf’s potential payout.

About the Author
By Tom Huddleston Jr.
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Arts & Entertainment

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Arts & Entertainment

HBO Max’s ‘The Pitt’ and ‘Hacks’ lead among Emmy nominations
Arts & EntertainmentEmmy Awards
HBO Max’s ‘The Pitt’ and ‘Hacks’ lead among Emmy nominations
By Christopher Palmeri and BloombergJuly 8, 2026
1 day ago
Billionaire soccer fan Ken Griffin helped engineer Team USA’s best World Cup run in 24 years. Now, he looks ‘forward to building on that momentum’
Arts & EntertainmentSports
Billionaire soccer fan Ken Griffin helped engineer Team USA’s best World Cup run in 24 years. Now, he looks ‘forward to building on that momentum’
By Catherina GioinoJuly 8, 2026
2 days ago
Photo: Asha Sharma
Big TechMicrosoft
Exclusive: Xbox’s CEO on 3,200 layoffs, four studios cut, and her blunt warning that ‘we spread ourselves too thin’
By Sebastian HerreraJuly 6, 2026
3 days ago
David Senra smiles in front of a white background
Startups & VentureTerm Sheet
David Senra, your favorite billionaire’s favorite podcaster, has turned down every acquisition offer. Here’s why
By Lily Mae LazarusJuly 6, 2026
3 days ago
Meet Atlas, the humanoid robot that delivered the game ball.
InnovationSports
Meet the soccer-playing humanoid robot that just delivered the game ball at the Brazil v. Norway FIFA World Cup match
By Catherina GioinoJuly 5, 2026
4 days ago
Seventh film in animated franchise beats the fifth installment of another cartoon juggernaut at the box office
Arts & EntertainmentMovies
Seventh film in animated franchise beats the fifth installment of another cartoon juggernaut at the box office
By The Associated PressJuly 5, 2026
4 days ago

Most Popular

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
3 days ago
Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil
Newsletters
Iran strikes 85 U.S. military sites in the Gulf, sparking a global selloff in stocks and a spike in the price of oil
By Jim EdwardsJuly 8, 2026
1 day ago
Current price of gold as of July 8, 2026
Personal Finance
Current price of gold as of July 8, 2026
By Danny BakstJuly 8, 2026
1 day ago
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
AI
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
By Marco Quiroz-GutierrezJuly 5, 2026
4 days ago
Mining CEO worth $24 billion nearly drowned and had to break his own leg in a freak hiking accident—he used the recovery time to go back to school
C-Suite
Mining CEO worth $24 billion nearly drowned and had to break his own leg in a freak hiking accident—he used the recovery time to go back to school
By Eleanor PringleJuly 8, 2026
1 day ago
Investment firm's cofounder sues after being fired for neglecting the in-person work mandate he signed, saying it applies to employees not owners
Law
Investment firm's cofounder sues after being fired for neglecting the in-person work mandate he signed, saying it applies to employees not owners
By Jason MaJuly 5, 2026
4 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.