Wells Fargo CEO John Stumpf is out

Wells Fargo CEO John Stumpf is out

Embattled Wells Fargo CEO John Stumpf will retire effective immediately, the company announced Wednesday, marking a stunning downfall for one of the banking industry’s most powerful figures.

The Wells Fargo (WFC) boss is out in the wake of a national uproar that erupted after regulators accused the bank of creating many as two million fake bank and credit card accounts. The company admitted to firing 5,300 workers over several years.

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