On Wednesday, Wells Fargo announced CEO John Stumpf would retire effective immediately, CNBC reports. Stumpf, also the company chairman, will be replaced by Tim Sloan, Wells Fargo's president and chief operating officer.
Last month, Stumpf testified before a furious Congress about allegations Wells Fargo employees created 2 million fake accounts without informing its customers in order to meet quotas imposed from the top; customers were then charged late fees on accounts they didn't know they had. "While I have been deeply committed and focused on managing the company through this period," Stumpf said in a statement Wednesday, "I have decided it is best ... that I step aside."
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