Wells Fargo CEO John Stumpf steps down amid scandal

Wells Fargo CEO John Stumpf is stepping down from his post atop the company in the wake of a major scandal over the creation of fake accounts on behalf of thousands of customers. He had served as CEO of the company for 24 years before retiring. Wells Fargo was fined $185 million by state and federal regulators after the Consumer Financial Protections Bureau found that employees at Wells Fargo had opened more than 2 million accounts that had not been authorized by customers.