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Wells Fargo CEO pummeled on Capitol Hill over multiyear scam
The Washington Post: Wells Fargo’s longtime chief executive John Stumpf endured more than two hours of pummeling Tuesday on Capitol Hill over a scheme in which bank employees created millions of sham accounts to meet aggressive sales goals.
“I have often said that banking is based on trust and that trust was broken at Wells Fargo,” Sen. Richard C. Shelby (R-Ala.), chairman of the Senate Banking Committee, said during the hearing.
Stumpf, who has been at Wells Fargo for more than 30 years, repeatedly apologized for letting down customers. But the questioning was often tense, and Stumpf was interrupted and chastised by lawmakers for not catching the problem sooner.
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