By Carmel Crimmins / Reuters
Updated: October 12, 2016 6:21 PM ET
John Stumpf, Chairman and CEO of the Wells Fargo & Company, testifies before the House Financial Services Committee September 29, 2016 in Washington, DC.
John Stumpf, Chairman and CEO of the Wells Fargo & Company, testifies before the House Financial Services Committee September 29, 2016 in Washington, DC.
Mark Wilson—Getty Images

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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