Wells Fargo CEO steps down

Wells Fargo & Co. Chairman and CEO John Stumpf, who's been under fire for the bank's sales tactics and phony account scandal, has stepped down.

Stumpf is being replaced by President and Chief Operating Officer Timothy Sloan.

Stumpf, who won't receive a severance package, previously decided to relinquish $41 million in unvested equity, one of the biggest-ever forfeitures of pay by a bank chief. He'll still retire with tens of millions of dollars earned during roughly 35 years at the bank.

Read more from The Wall Street Journal.