Wells Fargo CEO John Stumpf is stepping down from a national bank panel, two days after he was grilled during a Senate Banking Committee hearing regarding his company's recent scandal involving opening fake accounts for customers.
Stumpf resigned as the San Francisco bank district's representative to the Federal Advisory Council, effective Thursday. Council members are appointed for one-year terms that begin in January, and meet four times a year with the Fed's board of governors in Washington, D.C.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
The latest entry in Ethan Coen's queer trilogy, a Jeff Buckley documentary and the rare children's horror flick in August moviesthe week recommends The month's film releases include 'Honey Don't!,' 'It's Never Over, Jeff Buckley' and 'Sketch'
-
Switzerland could experience unique economic problems from Trump's tariffsIn the Spotlight The current US tariff rate on Switzerland is among the highest in the world
-
The NCAA is a 'billion-dollar sports behemoth' that 'should not be a nonprofit'Instant Opinion Opinion, comment and editorials of the day
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
