Wells Fargo CEO retires amid accounts scandal and is replaced by a longtime company insider – Los Angeles Times

John Stumpf resigned Wednesday 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 accounts without customer authorization.

The wrongdoing by the San Francisco bank was exposed by a Los Angeles Times investigation and led to an $185-million settlement with regulators last month, sparking the biggest banking scandal since the financial crisis and renewing calls for a breakup of the nation’s biggest banks.

Stumpf, 63, had been chief executive since 2007 and chairman of Wells Fargo’s board since 2010.

Timothy J. Sloan, 56, a longtime Wells Fargo executive who was named president of the company last year, immediately replaced Stumpf as chief executive, the bank said.

Comments

Write a Reply or Comment:

Your email address will not be published.*