Stumpf resigned as chairman and CEO of Wells Fargo on October 12, 2016, after a scandal involving customer accounts and subsequent pressure from the public and lawmakers.

He worked in the loan administration department and then became senior vice president and chief credit officer for Norwest Bank, N.A., Minneapolis.

Two years later he became head of the new Western Banking Group (Arizona, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington and Wyoming).

In 2000, he led the integration of Wells Fargo's acquisition of the $23 billion First Security Corporation, based in Salt Lake City.

[9][10] Stumpf served as director of National Association since June 27, 2006, and a Member of Litigation Committee at Visa Inc.[11] After he retired, he and his wife bought a home near Mummy Mountain in Paradise Valley, Arizona.

[16] He was accused of selling customers multiple accounts fraudulently when they did not need them, and using those results on quarterly reports for larger returns on Wells Fargo stock holdings.

[17] On September 27, The Wall Street Journal reported that the board was considering cutting back on compensation for Stumpf and former retail banking head Carrie Tolstedt.

[20] On January 23, 2020, Stumpf agreed to a lifetime ban from the banking industry and a $17.5 million fine for his role in the fake account scandal.

The letter, signed by Michael Gibson, Director of the Division of Supervision and Regulation, cited Stumpf's complicity in ignoring the bank's poor risk management programs, and failure to initiate any serious investigation into its sales practices.