The CEO of Wells Fargo, John Stumpf, is retiring, effective immediately.
Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.
His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Wells recently expanded his role following the scandal.
John Stumpf has resigned as chairman and chief executive of Wells Fargo & Co., bowing to mounting criticism from lawmakers and others who said he should lose his job over revelations that bank employees created as many as 2 million ...
John Stumpf came under fire for his oversight of the bank that opened millions of fraudulent accounts.
The most anticlimiatic and predictable outcome to the biggest banking scandal to rock Wall Street in recent years, Wells Fargo;s fraudulent creation of 2 million (or more) fake customer accounts, has just concluded in the only possi...