Republicans Press Wells Fargo CEO on Efforts to Reform Harmful Culture
Washington,
March 12, 2019 -
WASHINGTON – Today, the House Financial Services Committee held a hearing to receive testimony from Wells Fargo CEO, Tim Sloan. Republican members of the committee examined the Bank’s efforts to identify and remediate all impacted customers as well as change the culture that contributed to widespread misconduct, including the creation of an estimated 3.5 million unauthorized accounts, in order to prevent the unlawful business practices and gross mismanagement from happening again.
In his opening remarks, Ranking Member Patrick McHenry (NC-10) highlighted that while the Bank has “taken some steps in the right direction,” whether imposed by regulators or the Bank, “mismanagement and misconduct at Wells Fargo” remain a concern. The Ranking Member stressed the “real world consequences” of the Bank’s behavior, and asked the CEO to share what is specifically being done to change the culture of Wells Fargo to keep this from happening again.
Watch Ranking Member McHenry’s opening remarks here or by clicking on the image below.
Ranking Member McHenry went on to press Mr. Sloan for his commitment that Wells Fargo will comply with the terms of all 14 consent decrees imposed by the bank’s regulators. Additionally, he asked if Wells Fargo customers will hear about additional “bad actions taken by your company.”
Watch Ranking Member McHenry’s questioning of Tim Sloan here or by clicking on the image below.
Congressman Andy Barr (KY-6), Ranking Member of the Oversight and Investigations Subcommittee, went on to state that none of the issues that “contributed to the account scandal had anything to do with your institution’s size,” rather the “management structure, culture, and incentive program,” which Mr. Sloan agreed with.
Watch Congressman Barr’s questioning of Tim Sloan here or by clicking on the image below.
