Both Democratic and Republican lawmakers pressed Wells Fargo & Co Chief Executiv...
WASHINGTON - Both Democratic and Republican lawmakers pressed Wells Fargo & Co Chief Executive Tim Sloan for more proof that the bank has moved past its customer abuse scandals in a tense hearing in Congress on Tuesday.
The CEOs of Morgan Stanley, Goldman Sachs Group Inc, Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp are expected to appear before the House panel next month. “Wells Fargo’s ongoing lawlessnness and the failure to right the ship, suggests the bank … is simply too big to manage,” she added.
“This is an important hearing and you will hear bipartisan criticism of the actions you have taken and the failures that you have overseen under your watch,” he said. He declined however to give the committee confidential information on the progress of the bank’s various remediation efforts, and firmly rebuffed claims by Waters that the bank should be broken up.
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