Senator Elizabeth Warren vs. CEO John Stumpf

Senator Elizabeth Warren’s two round of questions for Wells Fargo CEO John Stumpf at the September 20, 2016 Senate Banking Committee hearing entitled: “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.”

Wells Fargo employees secretly opened unauthorized accounts to hit sales targets and receive bonuses.

Wells Fargo employees also submitted applications for 565,443 credit card accounts without their customers’ knowledge or consent. Roughly 14,000 of those accounts incurred over $400,000 in fees, including annual fees, interest charges and overdraft-protection fees.

Wells Fargo agreed to pay $185 million in fines, along with $5 million to refund customers.

5,300 firings took place over several years