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Wells Fargo CEO John Stumpf resigns effective immediately

In this Tuesday, Sept. 20, 2016, photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee. The San Francisco Fed said Thursday, Sept. 22, 2016, that Stumpf is resigning his position on the Federal Reserve's advisory council amid a scandal over millions of accounts allegedly opened by the bank without customers' permission.
In this Tuesday, Sept. 20, 2016, photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee. The San Francisco Fed said Thursday, Sept. 22, 2016, that Stumpf is resigning his position on the Federal Reserve's advisory council amid a scandal over millions of accounts allegedly opened by the bank without customers' permission. In this Tuesday, Sept. 20, 2016, photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the Senate Banking Committee. The San Francisco Fed said Thursday, Sept. 22, 2016, that Stumpf is resigning his position on the Federal Reserve's advisory council amid a scandal over millions of accounts allegedly opened by the bank without customers' permission.

By Associated Press 1 min read

SAN FRANCISCO – Wells Fargo’s embattled CEO John Stumpf has resigned, effective immediately, as the nation’s second-largest bank is roiled by a scandal over its sales practices.

The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.

Stumpf had led Wells Fargo since 2007.

He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers’ permission.

Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.