Wells Fargo CEO gives senate testimony on bank's fake 'account' scandal

<p>Wells Fargo CEO Tim Sloan was slammed from both sides of the aisle during his senate testimony on the bank's fake 'account' scandal.</p>

News 12 Staff

Oct 4, 2017, 11:04 AM

Updated 2,427 days ago

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Wells Fargo CEO Tim Sloan was slammed from both sides of the aisle during his senate testimony on the bank's fake 'account' scandal.
The bank admitted that 3.5 million potentially unauthorized accounts were opened by employees.
The bank blamed the scandal on 'unrealistically high sales goals.'
According to the company, it has revamped those goals and reached a $142-million class action settlement with customers.
Sen. Elizabeth Warren said that's not enough.
"Mr. Sloan, say you've been making changes at Wells Fargo for 30 years but you enabled this fake account scam, you got rich off it and then you tried to cover it up," says Warren. "At best you are incompetent. At worst, you were complicit and either way you should be fired. Wells Fargo needs to start over and that won't happen until the bank rids itself of people like you who led it into this crisis."
Wells Fargo is still facing multiple investigations over the scandal.
Some lawmakers are calling for further action, including the removal of board members.


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