Wells Fargo CEO John Stumpf steps down amid sales scan­dal

Daily Freeman (Kingston, NY) - - NATION + WORLD -

Wells Fargo’s em­bat­tled CEO John Stumpf is step­ping down as the na­tion’s sec­ond-largest bank is roiled by a scan­dal over its sales prac­tices.

The San Fran­cisco bank said Wednes­day that Stumpf is re­tir­ing ef­fec­tive im­me­di­ately and also re­lin­quish­ing his ti­tle as chair­man. It had ear­lier an­nounced that Stumpf, the bank’s CEO since 2007, will for­feit $41 mil­lion in stock awards.

Wells Fargo’s chief op­er­at­ing of­fi­cer, Tim Sloan, will suc­ceed Stumpf as CEO.

Stumpf faced con­gres­sional hear­ings and con­sumer wrath last month after Wells Fargo was found to have opened mil­lions of unau­tho­rized bank ac­counts.

Wells Fargo & Co. had been well­known in the bank­ing in­dus­try for its abil­ity to sell cus­tomers mul­ti­ple prod­uct. The com­pany has agreed to pay $185 mil­lion to set­tle al­le­ga­tions that its work­ers opened mil­lions of ac­counts with­out cus­tomers’ per­mis­sion to reach sales tar­gets.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.