By Carmel Crimmins / Reuters
Updated: October 12, 2016 6:21 PM ET

Wells Fargo chairman and chief executive officer, John Stumpf, will retire and the board of directors has chosen Tim Sloan as the new CEO, the U.S. West Coast-based bank said on Wednesday.

Stephen Sanger will be chairman and Elizabeth Duke the vice chair.

The changes are effective immediately.

Read More: Wells Fargo CEO Could Get $200 Million If He Leaves

Wells Fargo is due to report third-quarter earnings on Friday after a Congressional probe and lawsuits following complaints that unauthorized customer accounts to meet sales targets were opened.

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This is a developing story.

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