In a rare move in the financial world, Wells Fargo CEO John Stumpf has abruptly resigned amid a massive scandal over the creation of 2 million fake accounts, which employees opened in order to meet grueling sales targets. The resignation comes only one day after The New York Times reported former Wells Fargo employees had blown the whistle on the scandal internally as early as 2005. Massachusetts Senator Elizabeth Warren has called for Stumpf to not only resign, but be criminally investigated.
Sen. Elizabeth Warren: “You should resign. You should give back the money that you took while this scam was going on, and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.”