Senator Elizabeth Warren (D-MA) told Wells Fargo CEO John Stumpf that he should resign during a Senate Banking Committee hearing last month, and now he finally has.
Strumpf previously resigned from his position on the Federal Advisory Council that advises the Federal Reserve, but now he has stepped down from his position at Wells Fargo.
The San Francisco bank said Wednesday that Stumpf is retiring effective immediately and also relinquishing his title as chairman. He won't be receiving severance pay and the bank announced earlier that he will forfeit $41 million in stock awards. [...]
"While I have been deeply committed and focused on managing the company through this period, I have decided it is best for the company that I step aside," he said in a prepared statement Wednesday.
The chief of Wells Fargo's retail banking division, Carrie Tolstedt, also resigned several weeks ago. Stumpf forfeited his salary and severance and up to $41 million in stock before resigning, but Tolstedt received a golden parachute of over $100 million.
This isn't the end of the story. Wells Fargo is still being investigated by multiple federal agencies.