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Wells Fargo CEO resigns from advisory role with the Federal Reserve

September 23, 2016 / Source: The Washington Post

Just days after he faced a tough grilling on Capitol Hill, Wells Fargo chief executive John Stumpf resigned from an advisory role with the Federal Reserve.

Stumpf has left his position as a representative for the Twelfth District on the Federal Advisory Council, the San Francisco Fed said Thursday. In his role, Stumpf was part of a team of 12 representatives from the banking industry who consulted with the Federal Reserve Board of Governors about four times a year about banks and the economy.

Stumpf is working to regain customers’ trust and rebuild the bank’s reputation after it became widely known that employees opened more than 2 million credit card and deposit accounts without customers’ approval. Earlier this month, regulators fined Wells Fargo $185 million for the scheme, which also included cases of workers moving customers’ money without permission to fund the sham accounts.

In a statement, the bank said Stumpf’s resignation from the council was a “personal decision.” “His top priority is leading Wells Fargo,” the statement said.

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