Wells Fargo CEO steps down in wake of sales scandal

The beleaguered bank head’s retirement was effective immediately, leaving the company’s reputation in the hands of its former chief operating officer.

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Wells Fargo will continue picking up the pieces of its reputation under a new leader.

On Wednesday, the company’s chief executive, John Stumpf, announced his immediate retirement roughly a month after the bank’s sales scandal surfaced.

The Wall Street Journal reported:

Mr. Stumpf’s departure comes after he was subjected to two grillings on Capitol Hill in which he was attacked by both Democrats and Republicans. The bank also faces numerous federal and state inquiries into its sales-practices issues, including from the Justice Department.

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