Sept 19 Wells Fargo & Co's chief
executive, John Stumpf, will tell U.S. senators on Tuesday that
he is "deeply sorry" for selling customers unauthorized bank
accounts and credit cards and that he would take "full
responsibility" for the unethical activity, the New York Times
reported on Monday.
Stumpf will strike a contrite tone in a testimony over the
fake accounts at a Senate Banking Committee hearing on Tuesday
morning, the New York Times said, citing a copy of his prepared
Wells Fargo, the country's third-largest bank by assets, is
embroiled in a scandal over the opening of sham accounts and was
sued on Friday by customers who accused the bank of fraud and
recklessness for its behavior.
The bank said it has fired 5,300 people over the matter and
would eliminate sales goals in its retail banking on Jan. 1,
Stumpf will tell lawmakers that the illegal activity carried
out was not part of any "orchestrated effort, or scheme, as some
have called it, by the company," New York Times wrote quoting
"We never directed nor wanted our employees, whom we refer
to as team members, to provide products and services to
customers they did not want or need," the Times quoted Stumpf as
Wells Fargo declined to comment.
Stumpf will also acknowledge that the bank failed to do
enough to stop the behavior from continuing, the Times said.
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Mary