Regulation

Wells CEO John Stumpf Resigns From Federal Reserve Advisory Council

A spokesperson for the San Francisco Federal Reserve has confirmed that Wells Fargo CEO John Stumpf has stepped down from the Federal Reserve Advisory Council effective Thursday (Sept. 22). The move comes about 48 hours after Stumpf was required to appear before the Senate Banking Committee to explain Wells Fargo's sale culture — which apparently was responsible for the creation of roughly 2 million accounts without customer authorization. The CEO said on Tuesday that he is "deeply sorry" for conduct that "failed to fulfill our responsibilities to our customers, our team members and the American public."

In a direct statement to the CNBC team, Wells Fargo lauded the decision as demonstrating Strumpf's focus on righting the ship at Wells.

"John made a personal decision to resign as the Twelfth District's representative to the Federal Advisory Council. His top priority is leading Wells Fargo," the bank wrote in a press release.

Federal Reserve Advisory Council is primarily made up of representatives of the commercial banking industry. They are tasked with meeting up with the Fed's board of governors four times a year to discuss economic and banking issues. Members serve one-year terms, which begin in January of each year.

The Fed had no comment on Stumpf's resignation — other than to note that they would begin the hunt for his successor soon.

 

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