Wells Fargo’s Stumpf Quits Fed Council Amid Lawmaker PressureBy and
Stumpf was San Francisco Fed appointee to advisory group
Move comes after senators urge rejection of his reappointment
Wells Fargo & Co. Chief Executive Officer John Stumpf resigned from the Federal Reserve’s Federal Advisory Council as U.S. lawmakers stepped up pressure after revelations that the bank’s employees had opened two million allegedly bogus client accounts.
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