Wells Fargo CEO Tim Sloan met with a slew of criticism during his hearing before the Senate Banking Committee Oct. 3 from senators on both sides of the political aisle. The purpose of the hearing was for Sloan to provide an update on the company’s progress one year after federal regulators fined it $185 million for creating millions of fake accounts.
Senators challenged the Wells Board of Directors’ decision to have Sloan succeed former CEO John Stumpf, noting their concerns over issues that have come to light during the past year.
Learn what critiques the senators levied regarding the company’s use of mandatory arbitration and what some want to see happen moving forward.