The CEO of Wells Fargo, John Stumpf, is retiring, effective immediately, according to The Wall Street Journal.
Stumpf has recently come under fire for a scandal in which 2 million credit and debit card accounts were opened by bank employees without the knowledge of customers.
His successor, Tim Sloan, is chief operating officer of the firm and has been with the bank for over 25 years. Wells recently expanded his role following the scandal.
More to follow