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Jennifer Dunn

Wells Fargo CEO resigns position on Fed advisory body

Wells Fargo's embattled CEO is resigning his position on the Federal Reserve's advisory council amid a scandal over millions of accounts allegedly opened by the bank without customers' permission.

The San Francisco Fed said Thursday that John Stumpf is giving up his position as representative from the central bank's San Francisco region on the advisory council.

The move was a "personal decision" by Stumpf, Wells Fargo spokeswoman Jennifer Dunn said. "His top priority is leading Wells Fargo."

His resignation from the council, which meets four times a year with the Fed's board of governors to discuss economic and banking issues, was effective...

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