Wells Fargo Does Damage Control Before Washington GrillingBy
COO Sloan has been meeting with policy makers ahead of hearing
Some lawmakers are frustrated by lack of answers on clawbacks
Wells Fargo & Co. has started doing damage control on Capitol Hill.
Tim Sloan, the bank’s president and chief operating officer, has spent most of the week reaching out and meeting with members of Congress and their staffs in Washington, as the lender confronts blowback over allegations it opened more than 2 million accounts without customers’ approval, said people with direct knowledge of the discussions. With the Senate Banking Committee preparing to hold a Sept. 20 hearing on the scandal, Sloan and other Wells Fargo executives are spending time in the offices of Chairman Richard Shelby and top Democrat Sherrod Brown, and have targeted others on the committee…
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