John Stumpf, CEO and co-chairman of Wells Fargo, has decided to leave both posts, reports the Wall Street Journal. This unsurprising turn of events is in response to a months-long scandal over unethical business tactics. Recently, Stumpf agreed to forgo his salary and the bank agreed to pay a $185 million settlement. Even still, the call for more action persisted: Last month Elizabeth Warren outright called for Stumpf's resignation.
Stumpf will be replaced by president and COO Timothy Sloan, according to the Journal. The real question is will this fix the baseline problems that caused this crisis? You can read our coverage on how Wells Fargo's work culture contributed to its recent downfall here. CGW