Wells Fargo CEO Stumpf Resigns Effectively Immediately Amid Scandal

The Wells Fargo sales scandal has led to the resignation of Chairman and CEO John Stumpf. He is exiting both of those roles effective immediately. Chief Operating Office and President Tim Sloan will take over the top role. The bank has been under fire for more than a month after agreeing to pay $185 million in a settlement to regulators for opening as many as 2 million accounts without customers knowledge. U.S. Senator Elizabeth Warren tweeted last night that Stumpf's resignation wasn't enough. China reported a surprise drop in trade growth. Beijing said that exports in September dropped 10% from a year ago, much worse than expected. The disappointing numbers are causing concerns about the global economy. Snapchat has hired bankers in preparation for an initial public offering. According to reports, it's picked Morgan Stanley and Goldman Sachs .