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The scandal surrounding Wells Fargo has resulted in the bank ousting its chairman and chief executive as John Stumpf has decided to leave the bank with immediate effect.
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Wells Fargo has been plagued by criticism and scandals since the financial crisis and although this may not have come as a surprise for many, relatively few banking chiefs have stepped down under outside pressure, despite the industry’s woes.
But a far as Wells Fargo goes, its breaches were unusually blatant which contributed to the public outcry. There were ... (read more)