Embattled banking giant Wells Fargo & Co. announced Wednesday that chief executive John Stumpf will step down effective immediately, and be replaced by the bank’s chief operating officer, Tim Sloan as CEO.
The resignation comes after Wells Fargo agreed in September to pay a record penalty of $185 million in total to the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency and the city of Los Angeles to settle allegations that it had opened more than 1.5 million customer bank accounts and applied for up to 565,000 customer credit cards from 2011 through 2015, without the knowledge and consent of the customers.
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