Wells Fargo CEO John Stumpf appeared before the Senate Banking Committee and apologized for the practices which have cost the bank $185 million in penalties from federal regulators and the Los Angeles city attorney’s office.
“I accept full responsibility for all unethical sales practices … and I’m fully committed to taking the necessary actions to restore our customers’ trust,” Stumpf said.
Over the next three hours, however, Stumpf was raked over the coals by senators on both sides of the aisle. Leading the way was Elizabeth Warren (D-Mass.), who demanded that Stumpf resign. Read on for more.