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 While some clients have withdrawn, the overall financial impact on Wells Fargo remains unclear.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.

How did the CFPB's settlement with Wells Fargo impact the company's leadership?

What are some potential long-term effects of the leadership changes at Wells Fargo?