Wells Fargo CEO Stumpf Quits in Fallout From Fake Accounts

Stumpf, 63, is retiring from both posts effective immediately, the bank said Wednesday in a statement. Tim Sloan, 56, the company's president and chief operating officer, will succeed him as CEO. Lead director Stephen Sanger will serve as the board's non-executive chairman.

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At Warren's insistence, the Department of Labor agreed on Sept. 26 to conduct a review of whether the bank violated wage and overtime rules while pushing branch workers to meet aggressive targets. U.S. prosecutors are also investigating, according to a person with knowledge of the matter.

"What you saw from the two hearings was that he came across as really out of touch, not just with what was going on in the bank, but also with the current political environment," said Brian Kleinhanzl, an analyst at Keefe, Bruyette & Woods in New York. "It was a certain aloofness that he presented, which is not what you wanted to see in that situation. Overall, he completely misread the situation."

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Wells Fargo has paid Stumpf more than $250 million since 2000, when the bank first began disclosing his compensation. That figure includes $23 million in salary, $44 million in cash bonuses, and $190 million from the vesting of stock and exercising of stock options.