Wells Fargo has one heck of a scandal on its hands (WFC)
|09/21/2016||Posted by BusinessMediaguide.Com under General World News||
Wells Fargo CEO John Stumpf endured a nearly three-hour questioning from the US Senate Banking Committee on Tuesday.
Stumpf was constantly took to task by Senators, both Democratic and Republican alike, for the scandal in which Wells Fargo employees opened roughly 2 million checking and credit accounts without customers’ knowledge.
During the financial crisis Wells Fargo was generally thought of as the bank that got off looking the cleanest.
The bank had few bad loans, as it managed to maintain comparatively strong lending standards that kept it out of the worst of the crisis and allowed it to acquire troubled Wachovia.