Wells Fargo CEO steps down in wake of sham accounts scandal

Wells Fargo announced Wednesday that its longtime chief executive and chairman, John Stumpf, is stepping down, the latest turn for the embattled megabank after it admitted that thousands of low-level employees had set up sham accounts to meet sales quotas.

Stumpf's sudden downfall will probably send shivers through Wall Street, where a well-honed playbook…