Embattled Wells Fargo CEO Tim Sloan is testifying before the House Committee on Financial Services.
Sloan, 58, is defending his efforts aimed at cleaning up the bank’s fake accounts scandal since taking over Wells Fargo in October 2016. The San Francisco-based bank’s problems came to light earlier that year with the news that employees had created accounts to meet sales goals. Since then, issues have emerged across the bank’s business lines, including its mortgage, auto lending and wealth management operations.
The session, led by House Financial Services chair Maxine Waters, is called “Holding Megabanks Accountable: An Examination of Wells Fargo’s Pattern of Consumer Abuses.”