WASHINGTON (Sputnik) — Last month, Wells Fargo agreed to a $185 million fine to settle allegations it pressured employees to open credit card accounts without customers' knowledge.
"While I have been deeply committed and focused on managing the company through this period, I have decided it is best for the company that I step aside," Stumpf stated on Wednesday.
Stumpf admitted to the US Senate Banking Committee last week that he knew about the fraudulent accounts in 2013, but never acted on the information.
US lawmakers have called for a Department of Justice investigation into the scandal and Wells Fargo is facing a lawsuit in the state of Utah.
Wells Fargo President Tim Sloan will replace Stumpf as CEO and Stephen Sanger will serve as the board’s non-executive chair.
