Wells Fargo & Co. said Chairman Richard Kovacevich will step down at the end of this year, making way for chief executive John Stumpf to take over as chairman.

Stumpf, 56 years old, had succeeded Kovacevich two years ago as chief executive of the third-largest U.S. bank in stock-market value, behind JPMorgan Chase & Co. and Bank of America Corp.

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