Wells Fargo says Americans timid with investments

Yesterday (October 11) Wells Fargo released a study concluding that many Americans are investing too conservatively for their retirement.

Today (October 12) Wells Fargo announced that its chief executive, John Stumpf, will retire, effective immediately. Stumpf took the heat, including before Congress, for the bank's strategy of putting so much pressure on employees to fatten profits that they invented phony credit cards and bank accounts. Stumpf will walk away with $123.6 million in severance and stock value, according to USA Today. Some other publications have different numbers, but all agree Stumpf will walk off with a bundle of money.