Sep
18
Senate Committee to Discuss Wells Fargo Scandal as Federal Reserve Meets
ByHere’s what to expect in the week ahead:
BANKING INDUSTRY
Senate to question Wells Fargo chief on sham accounts.
Wells Fargo’s chief executive, John Stumpf, will face questions on Tuesday from the Senate Banking Committee over the widespread creation of sham banking accounts and credit cards by bank employees trying to meet strict sales goals. Mr. Stumpf has said publicly that the sales were not the result of a flawed culture inside the bank. Committee members are expected to ask him why he and other top managers did not do more to stop the practices, which have gone on since at least 2013. Michael Corkery…
Senate Committee to Discuss Wells Fargo Scandal as Federal Reserve Meets
