Wells Fargo Stock Moves Higher as John Stumpf Resigns as CEO

Wells Fargo( (WFC) - Get Report ) Chairman and CEO John Stumpf is out.  He has stepped down from both of those roles after the controversy surrounding fake bank accounts at Wells.  Stumpf had been under fire since it was revealed that bank employees created as many as two million phony bank and credit card accounts in order to meet sales goals.  He faced two Congressional hearings on his handling of the matter. Stumpf is being replaced by President and Chief Operating Officer Timothy Sloan.