John Stumpf, the embattled chairman and chief executive of Wells Fargo, is stepping down, amid mounting anger from investors and policymakers over the creation of fraudulent customer accounts.

Stumpf, 63, will leave his post after nearly a decade as CEO, the bank said Wednesday. The change was described as a retirement by Wells and is effective immediately. He will be succeeded by Tim Sloan, 56, who currently serves as president and chief operating officer. Sloan, in his current role, is responsible for the bank's four main business groups: community banking, consumer lending, wealth and investment management and wholesale banking.

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