‘Deeply Sorry’ Stumpf Says Wells Fargo Too Slow to Tackle Abuses
- CEO doesn’t address clawbacks in prepared remarks for hearing
- Lawmakers may seek more repurcussions for managers: analyst
Wells Phony Account Probe Brings CEO to Capitol Hill
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Wells Fargo & Co.’s John Stumpf, struggling to quell a scandal and demands for management accountability, plans to tell lawmakers Tuesday the bank failed customers and the public by reacting too slowly to signs employees were opening millions of unauthorized accounts.
In prepared remarks to the Senate Banking Committee, Stumpf opens and closes by saying he’s “deeply sorry” and lays out a five-year timeline of attempts to deter misconduct. The abuses -- which imposed fees on clients, and may have hurt credit scores for some -- wasn’t an “orchestrated effort,” he said, and executives spent years trying to stamp it out.