Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Ex...
WASHINGTON - Democratic and Republican lawmakers on Tuesday pressed Wells Fargo & Co Chief Executive Tim Sloan for proof the bank has put a string of consumer abuse scandals behind it at a tense congressional hearing that saw Sloan firmly on the defensive.
Sloan was the first bank executive to be grilled by the House Financial Services Committee since it was taken over by Democrats following the 2018 congressional election. A nervous Wall Street has been keen to see how the panel will treat the industry. Democrats and Republicans took a broadly tough line, quizzing Sloan on the bank’s remediation efforts, personnel changes, risk management, culture and whether it should be broken up.
“You will hear bipartisan criticism of the actions you have taken and the failures that you have overseen under your watch,” he said. “Wells Fargo is a better bank than it was three years ago, and we are working every day to become even better,” Sloan, 58, read from his written testimony.
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