(FILES) This file photo taken on September 20, 2016 shows John Stumpf, chairman and CEO of Wells Fargo, testifying during a Senate Banking, Housing and Urban Affairs Committee hearing in Washington, DC. Stumpf has retired with immediate effect following a sham accounts scandal, the San Francisco bank announced on October 12, 2016. Stumpf's departure caps mounting public outrage after the bank admitted that employees had opened millions of deposit and credit card accounts without customer's knowledge in order to meet sales quotas. / AFP PHOTO / SAUL LOEB