Wells Fargo CEO John Stumpf Facing Senate Panel over Accounts Scandal
Mark Neuling/CNBC/NBCU Photo Bank via Getty Images(WASHINGTON) — Wells Fargo CEO John Stumpf is facing some tough questions at a Senate Banking Committee hearing on Capitol Hill Tuesday morning.
Stumpf, who was asked to testify at the hearing, began by saying that he was “deeply sorry that we failed to fulfill our responsibility to our customers to our team members, and to the American public.”
Senators from both parties have described alleged misconduct at the bank as “fraud” during the proceedings.
On Sept. 8, regulators in Washington and California fined the bank $185 million after an internal review found that employees had opened or applied for more than 2 million bank accounts or credit cards without customers’ knowledge or permission.
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