Wells Fargo CEO Timothy Sloan is testifying before the Senate Banking Committee on Tuesday over the company creating millions of fake accounts for customers without their knowledge.
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Sen. Elizabeth Warren (D-Mass.) questioned the Wells Fargo CEO, saying the Wells Fargo CEO should be removed from his post.
The final investigation identified a total of approximately 3.5 millions potentially unauthorized consumer and small business accounts.
“Mr. Sloan you say you’ve been making changes at Wells Fargo for 30 years, but you enabled this fake account scam, you got rich off it and then you tried to cover it up. At best you were incompetent, at worst you were complicit and either way, you should be fired,” she said.
Sloan responded to Warren by explaining why he is the right person to run Wells Fargo.
“I have been making change at this company for 30 years. I have made mistakes, I certainly haven’t been perfect, but I think having that knowledge of the company, having the ability to make the change, the actions that I’ve taken since I’ve become CEO 11 months ago have made fundamental change at this company. So I’m not afraid to make hard decisions when it’s needed. And I have the support of 270,000 people that’s why I think that I’m the right person,” he said.