CNBC’s John Stumpf to resign over ‘false and misleading’ claims on JCI
CNBC’s J.C. Johnson is set to resign from the network after it was revealed he falsely claimed the bank was “on track to deliver a record $20 billion return” in its 2017 fiscal year, the Wall Street Journal reported on Monday.
Johnson, who previously served as CNBC’s chief investment officer, has also been a frequent critic of the bank and its president, Scott Greenfield, for years.
The Journal’s report comes as CNBC plans to announce a new CEO later this month.
Johnson told CNBC on Friday that he would resign from CNBC and take a position as a partner at the law firm BakerHostetler, the Journal reported.
Johnson’s resignation will not affect the network’s overall financial performance, the paper added.
Johnson said on Thursday that he believes Greenfield is “not being truthful about the risks inherent in the JCI strategy” and that his bank should not be “targeted for a large-scale correction.”
He also said that he believed the bank should be subject to tighter capital requirements and that “more of the JIis’ money should be lent directly to borrowers, not held in the bank’s proprietary securities.”
Johnson has also called on the bank to increase its share ownership, calling for the bank “to become the largest shareholder in the United States.”