Wells Fargo CEO Stumpf to Resign
Thursday, October 13, 2016
Wells Fargo Chairman CEO John Stumpf will resign from his position in the wake of scandal over the bank's sales practices. The resignation is effective immediately.
In Rhode Island, Wells Fargo Securities and Barclays Capital reached a settlement on the collapse of 38 Studios -- the agreement with the two banks totaled $25.6 million. Wells Fargo still faces SEC charges tied to 38 Studios.
The scandal resulted in a $185 million settlement with the Consumer Financial Protection Bureau and the firing of over 5,000 employees.
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