It’s a First Step

John Stumpf, the CEO of Wells Fargo (WFC), will testify before Congress tomorrow. His plan is to be very contrite. That’s a good first move. Another good move would be to resign:

The chief executive of Wells Fargo, John G. Stumpf, will say in testimony Tuesday morning that he is “deeply sorry” for selling customers unauthorized bank accounts and credit cards and that he takes “full responsibility” for the unethical activity, according to a copy of the remarks prepared for a Senate Banking Committee hearing.

In his testimony, which was obtained by The New York Times, Mr. Stumpf strikes a decidedly contrite tone about the scandal over the fake accounts, which has engulfed Wells Fargo since it reached a $185 million settlement with regulators on Sept. 8.

Mr. Stumpf has been criticized for publicly attributing the illegal activity to approximately 5,300 employees who were fired as a result of the sham accounts. Former employees say that workers felt enormous pressure to bend the rules to meet unrealistic sales goals set at the highest levels of the bank.

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Posted by on September 19th, 2016 at 6:57 pm


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