Wells Fargo CEO Resigns from San Francisco Fed's Advisory Council

MarketsReuters

Wells Fargo & Co said Chief Executive John Stumpf resigned from the Federal Reserve Bank of San Francisco's advisory council, saying it was his personal decision.

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Stumpf has come under fire for sales abuses at his bank where employees opened as many as 2 million accounts in customers' names without their authorization. On Sept. 8, a federal regulator and Los Angeles prosecutor announced a $190 million settlement with Wells.

Stumpf resigned as the Twelfth District's representative to the Federal Advisory Council (FAC), the Federal Reserve Bank of San Francisco said on Thursday. (Reporting by Diptendu Lahiri in Bengaluru and and Dan Freed in New York; Editing by Sriraj Kalluvila)

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