Stumpf to Redo Senate Apology in House, Despite Poor Reviews

Wells Fargo & Co.’s Chief Executive Officer John Stumpf, struggling to quell a scandal and demands for management accountability, plans to offer House lawmakers the same apology he gave Senators last week.

In prepared remarks for a House Financial Services Committee hearing on Thursday, Stumpf says he failed to fulfill his responsibility to Wells Fargo customers and lays out a timeline of the bank’s attempts to deter misconduct, according to a copy of the testimony obtained by Bloomberg News. Stumpf plans to tell lawmakers that he is "deeply sorry" and that the abuses -- which imposed fees on clients, and may have hurt credit scores for some -- wasn’t an “orchestrated effort.”