Wells Fargo CEO Resigns After Scandal

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In this Thursday, Sept. 29, 2016, file photo, Wells Fargo CEO John Stumpf testifies on Capitol Hill in Washington.
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On Wednesday, John Stumpf, the CEO of Wells Fargo, unexpectedly stepped down from his position with the embattled company.

Last month, it was revealed that the bank would pay $185 million in fines as a punishment for creating nearly 2 million fraudulent accounts in its customers names, which collected fees unbeknownst to the customers — a practice which occurred for at least five years. While Stumpf had been able to maintain his job at the time, at least 5,300 employees were let go.

Sheelah Kolhatkar, a staff writer with The New Yorker, examines the significance of Stumpf's departure.