"I accept full responsibility for all unethical sales practices," CEO John Stumpf told a congressional panel. Thomas Curry, the Comptroller of the Currency, said in prepared testimony that his agency is considering action against individual Wells Fargo executives. Sherrod Brown, the senior Democrat on the senate panel, blasted Wells Fargo for exploiting customers and the bank's slow response to control the abuse. Wells Fargo has acknowledged bank employees abused customers over five years and about 5,000 employees were fired in that time. Former bank employees have said they were under intense pressure to add accounts for each bank customer.

Source: The Edge Markets September 20, 2016 14:48 UTC