WASHINGTON, D.C.- No one has the banking blues more than this guy. Wells Fargo CEO John Stumpf was in the hot seat Tuesday in D.C., testifying before the Senate Banking Committee.
He’s trying to explain how 5,300 employees schemed to secretly open unauthorized accounts for customers in an attempt to meet sales goals. The company has already been fined $185,000,000, and those employees have been “canned” but Stumpf has refused to step down.
He may be a lot of things, but don’t dare call him a schemer. “I want to make very clear, that we never directed, nor wanted our team members to provide products and services to our customers that they did not want,” said Stumpf. Senator Elizabeth Warren begged to differ, "You squeezed your employees to the breaking point so they would cheat customers, and you could drive up the value of your stock, and put hundreds of millions of dollars in your own pocket."
Hillary Clinton to the rescue! She’s vowed to protect the Consumer Financial Protection Bureau- the watchdog group that uncovered the Wells Fargo shenanigans. So far, Trump’s mum on the issue.
The big question, do customers still trust Wells Fargo? The customers we spoke with were split on the issue.
When banking giants start fudging the books, we should all start to worry. And you can take that to the bank!