Wells Fargo CEO stepping down

ABC6 News

By: News Staff

news@abc6.com

Wells Fargo’s controversial CEO is stepping down from his position as both CEO and chairman.

The San Francisco bank announced Wednesday that CEO John Stumpf’s leave will be effective immediately.

Stumpf has been the bank’s CEO since 2007.

His leave comes a little more than a month after the bank was fined 185 million dollars for opening over two million fraudulent accounts to meet aggressive sales goals.

The bank’s current Chief Operating Officer Timothy Sloan will succeed Stumpf.

©WLNE-TV / ABC6 2016

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