Wells Fargo CEO retires following fake accounts controversy
Share Now on:
Wells Fargo CEO retires following fake accounts controversy
Following weeks of scrutiny for the creation of fake accounts, Wells Fargo announced Wednesday that CEO John Stumpf has retired. Wells Fargo President Tim Sloan will take over as chief executive, according to Reuters.
Stumpf and the bank faced mounting criticism for reportedly creating a high-pressure work environment that prompted employees to open millions of accounts without customers’ knowledge. After Sen. Elizabeth Warren (D-Mass.) grilled Stumpf over the company’s practices, some experts questioned what steps the bank would have to take to recover from the public outcry:
There’s a lot happening in the world. Through it all, Marketplace is here for you.
You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible.
Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.
