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Wells Fargo CEO to testify before Senate banking panel on Oct. 3

September 21. 2017 9:57AM
People walk by a Wells Fargo banking location in Pasadena, Calif., Sept. 8, 2017. (REUTERS/Mario Anzuoni)

WASHINGTON — Wells Fargo Chief Executive Tim Sloan is due to testify before the Senate Banking Committee on Oct. 3, sources familiar with the scheduled meeting said.

Sloan is due to brief lawmakers on work to remediate the bank after a phony accounts scandal erupted last year and a more recent scandal involving unwanted auto insurance.

Wells Fargo's business has been under pressure for the past year after the bank initially disclosed it had opened as many as 2.1 million accounts without customer authorization over several years.

The ensuing scandal led to a company-wide review that turned up problems with other products, including auto and life insurance.

Last month, Wells Fargo said the unauthorized accounts totaled as many as 3.5 million.

Senator Elizabeth Warren in a CNBC interview on Tuesday again urged the Federal Reserve to hold Wells' board accountable following the fresh disclosure.

Sloan's predecessor John Stumpf had also appeared before the Senate Banking Committee in September last year.


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