Watch: Elizabeth Warren Brutally Rebuffs Wells Fargo CEO and Suggests He Resign
Wells Fargo chairman and CEO John Stumpf appeared for his Senate hearing today with a lengthy apology and plan for combating backlash following the bank's recent scandal.
“I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public,” read Stumpf's prepared testimonial released by the New York Times, regarding the millions of fake bank accounts Wells Fargo employees opened for customers.
“I want to apologize for violating the trust our customers have invested in Wells Fargo," Stumpf added. "And I want to apologize for not doing more sooner to address the causes of this unacceptable activity.”
Stumpf also spoke about how he hopes the company can move forward, on top of paying $185 million to customers affected by the economic travesty.
But Elizabeth Warren (D-MA) was not having it, and demanded the CEO be held personally accountable.
“You haven’t resigned, you haven’t returned a single nickel of personal earnings, haven’t fired a single senior executive… it’s gutless leadership,” Warren told Stumpf during the Senate Banking Committee's session Tuesday.
“Here’s what really gets me about this," Warren continued. "If one of your tellers took handfuls of $20s out of the cash drawer, they could end up in prison. You squeezed your employees to the breaking point so you could cheat customers and drive up value of your stock. And when it all blew up, you kept your job, your multimillion-dollar bonuses, and went on TV and blamed thousands of $12-an-hour employees trying to meet cross-sell quotas. You should resign. You should be criminally investigated by Department of Justice and Securities and Exchange Commission.”