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Wells Fargo CEO faces lawmakers, apologizes again

By on September 29, 2016

Reports indicate that more than 5,000 Wells Fargo employees have been fired as a result of a scandal involving employees that secretly set up new fake bank and credit card accounts in order to meet sales targets. (Joe Raedle / Getty Images)

Reports indicate that more than 5,000 Wells Fargo employees have been fired as a result of a scandal involving employees that secretly set up new fake bank and credit card accounts in order to meet sales targets. (Joe Raedle / Getty Images)

WASHINGTON, D.C. — Wells Fargo CEO John Stumpf has told lawmakers the bank is expanding its review back to 2009 as it tries to stem a scandal over sales practices.

Stumpf reiterated that he was “deeply sorry,” as he spoke Thursday before the House Financial Services Committee.

As at the Senate Banking Committee last week, representatives on both side of the aisle expressed outrage.

Stumpf cited the compensation he must return and noted new leadership at the retail bank business and the accelerated elimination of sales goals. He also said no executives above the branch manager level appeared to be aware of the misconduct.

Wells Fargo has agreed to pay $185 million to settle allegations that the bank’s workers opened millions of accounts without customers’ permission to reach aggressive sales targets.

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