• Wells Fargo Chief Executive Officer John Stumpf  prepares to testify on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Strumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh)

    Wells Fargo Chief Executive Officer John Stumpf prepares to testify on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Strumpf was called before the committee for betraying customers' trust in a scandal over ... allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh) (The Associated Press)

  • Wells Fargo Chief Executive Officer John Stumpf testifies on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh)

    Wells Fargo Chief Executive Officer John Stumpf testifies on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations ... that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh) (The Associated Press)

  • Senate Banking Committee member Sen. Elizabeth Warren, D-Mass., center, questions Wells Fargo Chief Executive Officer John Stumpf, on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, during the committee's hearing. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh)

    Senate Banking Committee member Sen. Elizabeth Warren, D-Mass., center, questions Wells Fargo Chief Executive Officer John Stumpf, on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, during the committee's hearing. Stumpf was called before the ... committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh) (The Associated Press)

Wells Fargo CEO to apologize for betraying customers' trust

Markets Associated Press

The CEO of Wells Fargo plans to apologize before a congressional panel for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets.

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In prepared testimony obtained by The Associated Press, Chief Executive John Stumpf says he is "deeply sorry" the bank failed to meet its responsibility to customers and didn't act sooner to stem what he called "this unacceptable activity."

He testifies Tuesday before the Senate Banking Committee.

Regulators fined San Francisco-based Wells Fargo $185 million earlier this month. Some 5,300 Wells Fargo employees have been fired.