Wells Fargo CEO John Stumpf resigns effective immediately

FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)
FILE - In this July 14, 2014, file photo, a man passes by a Wells Fargo bank office in Oakland, Calif. Regulators announced Thursday, Sept. 8, 2016, that Wells Fargo is being fined $185 million for illegally opening millions of unauthorized accounts for their customers in order to meet aggressive sales goals. (AP Photo/Ben Margot, File)

SAN FRANCISCO (AP) —Wells Fargo’s embattled CEO John Stumpf has resigned, effective immediately, as the nation’s second-largest bank is roiled by a scandal over its sales practices.

The San Francisco bank said Wednesday that Stumpf will also relinquish his title as chairman. Its chief operating officer, Tim Sloan, will succeed Stumpf as CEO.

Stumpf had led Wells Fargo since 2007.

He faced congressional hearings and consumer wrath after Wells Fargo was found to have opened millions of bank accounts without customers’ permission.

Stephen Sanger, the bank’s lead director, will serve as the board’s non-executive chairman. Independent director Elizabeth Duke will serve as vice chair.

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