Wells Fargos CEO

The president and CEO of wells fargo bank is John Stumpf. He was given that title back in june of 2007 but has been president since 2005. his main concerns for the year 2008 were of course, the recession, and unemployment. John G. Stumpf is supporting  the bank's books and making fresh loans, but he was scared that this disaster would ruin his chances at getting to take over Wachovia Bank and  plan to modify mortgages. Wells Fargo was the number 2 mortgage lender but has managed to handle the financial crisis better than most. Stumpf had inherited $446 billion in consumer  and commercial loans in the deal, also he had $95 billion in ARMs. Stumpf boosted wells fargo reserves for bad loans by $5.6 billion and took a $37.2 billion writedown on Wachovia. He set up a new division to fix the toxic mortgage rates in January and sent out 30,000 letters to borrowers trying to making lower interest rates as well as extend mortgage terms.