After Verbal Beatdown, Wells Fargo CEO Resigns From Federal Reserve Post

SAN FRANCISCO, CA — After his public shaming at the hands of Elizabeth Warren this week, Wells Fargo CEO John Stumpf is stepping down — no, not as chief executive (despite Warren's wishes).

Instead, the news out Thursday is that Stumpf is resigning his post on the advisory council of the Federal Reserve Bank of San Francisco, according to a spokesperson for the SF Fed. Representatives on the council are appointed to one-year terms, and a search for Stumpf's replacement is already underway.

The new comes days after a video of Warren tearing into Stumpf at a Senate Banking Committee hearing rocketed around the Internet.

Watch: Elizabeth Warren Delivers Savage Beatdown of Wells Fargo CEO

Despite his viral fame, Stumpf himself barely got a speaking part. Instead, Warren commanded the time with a series of accusatory questions meant less to get answers and more to take Stumpf to task for his company's abuse of cross-selling tactics.

The Senate Banking Committee launched a probe into the company's practices after millions of Wells Fargo accounts were opened without the consent of customers, reportedly to meet the bank's aggressive sales goals.

Warren called Stump a "gutless" leader to his face, before winding up for her eminently retweetable coup de grace: "You should resign."

At least as far as the San Francisco Fed's concerned, it seems Stumpf listened.

Image via C-SPAN