Wells CEO to go in front of Congress a year into scandal

AP News
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Posted: Oct 02, 2017 5:25 PM

NEW YORK (AP) — Wells Fargo's chief executive is saying the bank remains "deeply sorry" for its sales tactics and that a year since the scandal over them exploded has substantially changed for the better.

The comments from Tim Sloan come ahead of his scheduled appearance in front of the Senate Banking Committee on Tuesday. It comes about a year since his predecessor did the same and was grilled about the sales practices that led to millions of accounts being opened by Wells Fargo employees without customers' permission.

The bank has paid $185 million in fines and has agreed to pay $142 million in a class-action lawsuit settlement.

Sloan's predecessor, John Stumpf, testified twice in front of Congress last fall. His poor performance was widely chastised, and the scandal led to his ouster.

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This story has been corrected to show the settlement amount was $142 million.