Wells Fargo CEO John Stumpf quits, replaced by Tim Sloan

By Dan Freed and Elizabeth Dilts NEW YORK (Reuters) – Wells Fargo & Co's veteran chairman and chief executive officer, John Stumpf, abruptly departed on Wednesday bowing to pressure over its sales tactics that has damaged the bank's reputation and put Wall Street under renewed scrutiny. San Francisco-based Wells Fargo said Stumpf, 63, was retiring and would be replaced as chief executive by President and Chief Operating Officer Tim Sloan, 56. The departure is a stunning reversal of fortune for Stumpf, who successfully navigated Wells through the financial crisis and built it into the world's most valuable bank with a focus on Main Street-style lending that was the envy of Wall Street.

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Wells Fargo CEO John Stumpf quits, replaced by Tim Sloan

Wells Fargo chief Stumpf heads to Hill with pressure mounting

Wells Fargo & Co's Chief Executive John Stumpf returns to Capitol Hill on Thursday with his job still under threat and the bank facing rising political pressure over a sales scandal that has become a major issue in Washington and on Wall Street. The bank's move earlier this week to claw back $41 million in stock awarded to Stumpf, an unprecedented rebuke for a major U.S. bank CEO, is unlikely to silence calls for him to resign over revelations Wells Fargo's branch staff opened as many as two million unauthorized credit card and deposit accounts to meet sales quotas. California, Wells Fargo's home state, suspended business relationships with the bank for a year on Wednesday and said it would work with the state's two giant public pension funds to change the management structure at the bank, including separating the roles of CEO and chairman.

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Wells Fargo chief Stumpf heads to Hill with pressure mounting

Wells Fargo faces proposed class action over bogus accounts

Wells Fargo & Co, embroiled in a scandal over the opening of sham accounts, was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior. The lawsuit was filed in the U.S. District Court in Utah, and seeks class-action status on behalf of hundreds of thousands of customers nationwide.

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Wells Fargo faces proposed class action over bogus accounts