Which Wells Fargo CEO resigned in 2016 after the fake-accounts scandal?

John Stumpf resigned as Wells Fargo’s CEO in 2016 after the fake-accounts scandal.

Stumpf became Wells Fargo’s chief executive in 2007 and also served as chairman. The bank’s aggressive sales culture encouraged employees to meet targets for products per customer. Investigations found that workers opened deposit and credit-card accounts without customers’ consent, sometimes using customers’ contact details to create account credentials.

In September 2016, the Consumer Financial Protection Bureau and other regulators announced enforcement actions against Wells Fargo. The bank agreed to pay a $185 million penalty, and the scandal led to congressional hearings and intense public criticism.

Stumpf testified before the Senate Banking Committee in September 2016. He announced his retirement and resignation from the bank in October. Tim Sloan succeeded him as CEO. The scandal continued to affect Wells Fargo through later regulatory penalties, customer remediation, and restrictions imposed by the Federal Reserve.