Wells Fargo CEO to take 'full responsibility' in Senate hearing - NY Times

Before you go, we thought you'd like these...
Before you go close icon

Sept 19 (Reuters) - Wells Fargo & Co's chief executive, John Stumpf, will tell U.S. senators on Tuesday that he is "deeply sorry" for selling customers unauthorized bank accounts and credit cards and that he would take "full responsibility" for the unethical activity, the New York Times reported on Monday.

Stumpf will strike a contrite tone in a testimony over the fake accounts at a Senate Banking Committee hearing on Tuesday morning, the New York Times said, citing a copy of his prepared remarks.

Wells Fargo, the country's third-largest bank by assets, is embroiled in a scandal over the opening of sham accounts and was sued on Friday by customers who accused the bank of fraud and recklessness for its behavior.

The bank said it has fired 5,300 people over the matter and would eliminate sales goals in its retail banking on Jan. 1, 2017.

The 10 most valuable banks in America:

11 PHOTOS
The 10 most valuable banks in America
See Gallery
The 10 most valuable banks in America

1. JPMorganChase

Current worth: $2.47 Trillion  

Photo credit: Reuters

2. Bank of America

Current worth: $2.19 Trillion 

Photo credit: AP 

3. Wells Fargo

Current worth: $1.89 Trillion 

Photo credit: AP 

4. Citigroup

Current worth: $1.82 Trillion 

Photo credit: AP 

5. U.S. Bancorp 

Current worth: $438.5 Billion 

Photo credit: Reuters 

6. PNC Financial 

Current worth: $361.3 Billion 

Photo credit: Reuters 

7. Capital One

Current worth: $339.1 Billion 

Photo credit: Getty

8. BB&T 

Current worth: $221.9 Billion 

Photo credit: Getty

9. SunTrust Banks

Current worth: $199.1 Billion 

Photo credit: AP 

10. Fifth Third Bancorp

Current worth: $143.6 Billion 

Photo credit: AP 

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

Stumpf will tell lawmakers that the illegal activity carried out was not part of any "orchestrated effort, or scheme, as some have called it, by the company," New York Times wrote quoting the testimony.

"We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need," the Times quoted Stumpf as saying.

Wells Fargo declined to comment.

Stumpf will also acknowledge that the bank failed to do enough to stop the behavior from continuing, the Times said. (Reporting by Anet Josline Pinto in Bengaluru; Editing by Mary Milliken)

Glassdoor's top 20 CEOs of 2016:

21 PHOTOS
Glassdoor list of top 20 CEOs 2016
See Gallery
Glassdoor list of top 20 CEOs 2016

#20: Shantanu Narayen
Adobe

Photo credit: AP

#19: Charles C. Butt
H.E.B.

Photo credit: Getty

#18: Aron J. Ain
Kronos Incorporated

Photo credit: Getty

#17: Lynsi Snyder
In-N-Out Burger

Photo credit: Getty

#16: Alex Gorsky
Johnson & Johnson

Photo credit: Getty

#15: Jack Little
Mathworks Inc.

Photo credit: Getty

#14: Mark Weinberger
Ernst & Young LLP

Photo credit: Getty

#13: John Veihmeyer
KPMG International

Photo credit: Getty

#12: John Legere
T-Mobile 

Photo credit: Getty

#11: David S. Taylor
Procter & Gamble Co. 

Photo credit: Getty

#10: Jim Whitehurst
Red Hat

Photo credit: AP

#9: Joseph R. Sivewright
Nestlé Purina Petcare

Photo credit: Facebook

#8: Tim Cook 
Apple

Photo credit: Getty

#7: Sundar Pichai 
Google

Photo credit: AP

#6: Marc Benioff 
Salesforce

Photo credit: AP

#5: Jeff Weiner 
LinkedIn

Photo credit: AP

#4: Mark Zuckerberg 
Facebook

Photo credit: AP

#3: Dominic Barton
McKinsey & Company 

Photo credit: Getty

#2: Scott Scherr
Ultimate Software

Photo credit: Facebook

#1: Bob Bechek
Bain & Company

Photo credit: LinkedIn

of
SEE ALL
BACK TO SLIDE
SHOW CAPTION +
HIDE CAPTION

Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners