Wells Fargo CEO asked to resign

Dhaka,  Monday,   2016-09-21
Published : 21 Sep 2016, 14:27:59

Senators urge Wells Fargo boss to step down over accounts scandal

During fierce criticism from a panel of US senators, Wells Fargo chief executive John Stumpf was told to resign over a bogus accounts scandal.

Senator Elizabeth Warrren on Tuesday told Stumpf he should step down as his bank had "squeezed" its employees "so they would cheat customers".

Bank workers had opened more than two million deposit and credit card accounts without customers' permission.

Stumpf said he was "deeply sorry" for that and failing to act quickly.

The bank was fined $185 million earlier this month and accused of "widespread illegal practice" by the regulator.

Wells Fargo fired more than 5,000 staff in response to the scandal, reports BBC.

"I am deeply sorry we failed to fulfil our responsibility," said Stumpf, before a hearing of the Senate banking committee.

"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.

"That said, I accept full responsibility for all unethical sales practices," he said.

- TM
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