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.
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.
This is a developing story.