Wells Fargo has struggled to convince lawmakers and regulators that it has fixed the corporate culture that led to various consumer abuses.
By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow May 15 at 3:38 PM For more than two years, Sen. Elizabeth Warren has repeatedly lashed out at Wells Fargo as the bank struggled to regain its footing after admitting to various customer abuses.
Wells Fargo is conducting a nationwide search for a new chief executive — its third in three years — and Warren wanted to know whether the OCC would exercise its “veto” power over the bank’s choice. It would, agency head Joseph Otting told Warren during a Senate Banking Committee hearing.Things went awry when Warren asked Otting to share the results of the OCC’s review of Wells Fargo chief executive candidates.
“Good,” Warren said. “People all across this country were scammed and squeezed by Wells Fargo . . . and the OCC never uttered a peep about the executives who were leading this.” "This time you need to show your work . . . so consumers and Congress can hold you responsible, too,” Warren said.[After years of apologies for customer abuses, Wells Fargo CEO Tim Sloan suddenly steps down]
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