Wells Fargo CEO Steps Down After Fake Account Scandal

John Stumpf steps down as CEO and chairman of Wells Fargo amid a scandal involving unauthorized bank accounts. Tim Sloan is appointed as the new CEO, and Stephen Sanger becomes the chairman. The scandal has led to a $185 million settlement and increased scrutiny from lawmakers. While some clients have withdrawn, the overall financial impact on Wells Fargo remains unclear. The situation has sparked significant public and governmental attention, leading to hearings and further pressure on the bank's leadership.

Who replaced John Stumpf as CEO of Wells Fargo?

• Dakin Campbell

• Tim Sloan

• John Stumpf

• Stephen Sanger

What was the amount of the settlement Wells Fargo agreed to pay due to the unauthorized accounts scandal?

• $185 million

• $100 million

• $200 million

• $250 million

Which government entities have stopped doing business with Wells Fargo following the scandal?

• Florida and Nevada

• New York and Texas

• Washington and Oregon

• Chicago and California

What was one of the actions taken by Wells Fargo in response to the scandal?

• Increased customer fees

• Clawed back $60 million from executives

• Expanded into new markets

• Launched a new advertising campaign

What was the reaction of lawmakers to the Wells Fargo scandal?

• They imposed no penalties

• They praised Wells Fargo

• They held hearings in Washington DC

• They ignored it