“One Year Later” is the title of the hearing that Wells Fargo CEO Tim Sloan faces this morning with the Committee on Banking, Housing, & Urban Affairs.
A year after former CEO John Stumpf was grilled by lawmakers over the bank’s massive scandal over fake accounts, Sloan will tell the panel he is ‘deeply sorry’ for the scandal but also that Wells ‘is a better bank today than it was a year ago,’ according to prepared remarks.
‘I apologize for the damage done to all the people who work and bank at this important American institution,’ Mr. Sloan is expected to tell the Senate Banking Committee.
As WSJ reports, regulators last year fined Wells Fargo $185 million for ‘widespread illegal’ sales practices that included opening as many as two million deposit and credit-card accounts without customers’ knowledge.
This post was published at Zero Hedge on Oct 3, 2017.