Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Ex...
WASHINGTON - Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the defensive.
The CEOs of Morgan Stanley, Goldman Sachs Group Inc, Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp are expected to appear before the panel next month. Opening the packed hearing, Waters recounted Wells Fargo’s numerous missteps, saying the bank had failed to prove it had abandoned harmful policies.
Still, some Republicans later in the hearing acknowledged the bank’s efforts to change, with representative Sean Duffy saying that his colleagues had been too harsh on the CEO. “Wells Fargo is a better bank than it was three years ago, and we are working every day to become even better,” Sloan, 58, read from his written testimony.
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