Wells Fargo CEO preparing to apologize to Senate committee

IndustriesAssociated Press

Wells Fargo CEO John Stumpf is preparing to apologize to Congress after allegations that bank employees opened millions of unauthorized accounts to meet aggressive sales targets.

The mea culpa comes in prepared testimony obtained by The Associated Press for Stumpf's appearance Tuesday before the Senate Banking Committee. Stumpf says he is "deeply sorry" that the bank failed to fulfill its responsibility to customers. He also said he wanted to apologize for "violating the trust" that customers invested in Wells Fargo and not doing more sooner to address the causes of what he called "this unacceptable activity."

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California and U.S. regulators fined San Francisco-based Wells Fargo & Co. a combined $185 million last week, and the consumer banking giant has said it plans to eliminate the sales targets by Jan. 1.