Wells Fargo CEO and Chairman, John Stumpf, is out amid a company scandal. Stumpf quit as Wells Fargo deals with a tainted image. The company came under fire after it was discovered bank employees opened credit card and debit card accounts without customers' knowledge.
Stumpf will be replaced by Tim Sloan -- current Wells Fargo President and Chief Operating Officer. According to Bloomberg, the bank's stock fell as much at 12 percent after their unethical sales tactics became known.
But, after Stumpf's departure was announced, the stock shot up 1 point 5 percent to 46 dollars in extended trading just after five Eastern Time. Stumpf is a 34-year veteran of the Company. He joined Wells Fargo in 1982 as part of the former Norwest Bank, becoming Wells Fargo’s CEO in June 2007 and its chairman in January 2010.