(cont) " />
Follow TopicFollow Contributor Share Feedback
Superminds & Supervision

Superminds & Supervision

by Tom Malone

Professor of Management, MIT

May 04, 2020


When asked by the media1 why anyone would risk their career by engaging in the misconduct chronicled at Wells Fargo, former CEO John Stumpf voiced a frustration that is common in C-suites and boardrooms among many firms, and in most industries, worldwide: “I don’t know how to explain human behavior."

That inability cost Mr. Stumpf his job, tens of millions of dollars in punitive fines, cries of derision from the public and Congress, and a lifetime ban from the financial industry. It has cost his firm billions in fines and continuing stock price impairment vis-à-vis peers. Recently announcing a new $3 billion dollar fine and deferred prosecution agreement, US Justice Department attorneys said the case against Wells Fargo illustrated, “a complete failure of leadership2 at multiple levels within the bank.”

This content is available to paid Members of Starling Insights.

If you are a Member of Starling Insights, you can sign in below to access this item. 


If you are not a member, please consider joining Starling Insights to support our work and get access to our entire platform.  Enjoy hundreds of articles and related content from past editions of the Compendium, special video and print reports, as well as Starling's observations and comments on current issues in culture & conduct risk management.

Join The Discussion

See something that doesn't look quite right?

We strive to provide high quality and accurate content at all times. With that said, we realize that sometimes links break, new information becomes available, or there is something that you feel we may have missed.

If you see something that you think we should be aware of, we would love to hear from you. Feel free to drop us a note below and leave your name and contact info if you'd like to hear back from us.

Thank you for being a key part of the Starling Insights community!