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FILE - In this Thursday, Sept. 29, 2016, file photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington, before the House Financial Services Committee investigating Wells Fargo's opening of unauthorized customer accounts. Embattled CEO Stumpf is out effective immediately, with President and Chief Operating Officer Tim Sloan taking over as the head of the one of the nation’s largest banks, the company announced Wednesday, Oct. 12, 2016. (AP Photo/Cliff Owen, File)

The former CEO of Wells Fargo sold $61 million worth of stock a month before the scandal


UPDATE 10/14 3:38 p.m.:

Former Wells Fargo CEO John Stumpf sold $61 million of stock in the company in the month prior to a scandal concerning employees opening fake accounts in the names of customers broke. 

The following month, the company's stock price plunged. 

UPDATE 10/13 2:25 p.m.:

Former Wells Fargo CEO John Stumpf doesn't qualify for a retirement payout. But USA Today reports that the former CEO will walk away from the company having pocketed $134 million.

He's agreed to give up unvested stocks, but still owns stocks vested in years past. 

Original Story:

John Stumpf, the CEO of Wells Fargo, has stepped down after it was discovered that the bank had been opening fake accounts for its customers that did not request them, reports Bloomberg

Stumpf led Wells Fargo through the Great Recession and helped build it into the largest bank in the world. 

Tim Sloan, the company's president and COO will become the company's new CEO. Lead director Stephen Sanger will become the board's non-executive chairman. 

"John Stumpf has dedicated his professional life to banking, successfully leading Wells Fargo through the financial crisis and the largest merger in banking history, and helping to create one of the strongest and most well-known financial services companies in the world," Sanger said in the statement.

"However, he believes new leadership at this time is appropriate to guide Wells Fargo through its current challenges."

And of course, some on Twitter are having fun with the announcement. 

A few online denizens are even giving Massachusetts Sen. Elizabeth Warren some credit. 

In the wake of the scandal, Wells Fargo paid those affected by scandal a total of $2.6 million. The bank's stocks also fell 12 percent following public outcry. 

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