Scandal-Beset Wells Fargo Chief to Step Down Immediately
He didn’t want to bring the bank down with him. John Stumpf has been grilled by Congress twice over the bank’s creation of 2 million fraudulent accounts in order to hit sales targets during his tenure as CEO. Now, in what replacement Tim Sloan called “an incredibly selfless act,” Stumpf will make a quick exit, walking away with retirement benefits and stock worth about $120 million. Now it’s up to Sloan to reassure investors that Wells Fargo, which faces state and federal inquiries, hasn’t been mortally wounded.