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Wells Fargo: John Stumpf apologises for illegal accounts Wells Fargo: John Stumpf apologises for illegal accounts
(35 minutes later)
The chief executive of the US bank Wells Fargo has apologised to customers for illegally opening accounts to boost sales targets, in a hearing at the Senate Banking Committee on Tuesday.The chief executive of the US bank Wells Fargo has apologised to customers for illegally opening accounts to boost sales targets, in a hearing at the Senate Banking Committee on Tuesday.
Bank workers had opened more than two million deposit and credit card accounts without customers' permission.Bank workers had opened more than two million deposit and credit card accounts without customers' permission.
The bank was fined $185m (£142m) and accused of "widespread illegal practice" by the regulator.The bank was fined $185m (£142m) and accused of "widespread illegal practice" by the regulator.
"I am deeply sorry we failed to fulfil our responsibility," said John Stumpf."I am deeply sorry we failed to fulfil our responsibility," said John Stumpf.
"There is no question with some of our customers we violated trust," he added."There is no question with some of our customers we violated trust," he added.
"We never directed nor wanted our team members to provide products and services to our customers that they didn't want."We never directed nor wanted our team members to provide products and services to our customers that they didn't want.
"That said, I accept full responsibility for all unethical sales practices," he said."That said, I accept full responsibility for all unethical sales practices," he said.
But Mr Stumpf has ignored calls for him to step down from his post in the wake of the scandal.But Mr Stumpf has ignored calls for him to step down from his post in the wake of the scandal.
"We recognise now that we should have done more sooner to eliminate unethical conduct or incentives that may have unintentionally encouraged that conduct," he went on."We recognise now that we should have done more sooner to eliminate unethical conduct or incentives that may have unintentionally encouraged that conduct," he went on.
Stumpf added that although the bank "took many incremental steps…. we now know those steps were not enough".Stumpf added that although the bank "took many incremental steps…. we now know those steps were not enough".
The bank said it would be contacting every deposit customer across the country to see if their accounts were properly authorised. Wells Fargo said it would be contacting every deposit customer across the country to see if their accounts were properly authorised.
It will also contact hundreds of thousands of customers with open credit cards to see of they want or need their credit cards.It will also contact hundreds of thousands of customers with open credit cards to see of they want or need their credit cards.
In the future, confirmation emails will be sent to customers within one hour of the opening of a new deposit account.In the future, confirmation emails will be sent to customers within one hour of the opening of a new deposit account.
The fine imposed on the bank by the US Consumer Financial Protection Bureau was the largest ever imposed by the regulator.The fine imposed on the bank by the US Consumer Financial Protection Bureau was the largest ever imposed by the regulator.