Wells Fargo CEO Tim Sloan Testifies Before House Committee

Rep. Alexandria Ocasio Cortez talks with Rep. Jennifer Wexton while hearing testimony from Wells Fargo CEO Timothy Sloan

"All the changes that you said you have made are not evident", said Rep. Maxine Waters (D-Calif.), chairwoman of the committee.

Tensions also flared as Democrats including Carolyn Maloney of NY and Ayanna Pressley of MA demanded Wells Fargo stop providing financial services to the National Rifle Association and firearms companies.

Sloan said that the bank had changed pay packages that were tied to extremely aggressive sales targets.

350 Silicon Valley says Wells Fargo Bank has a dirty-energy secret unknown to most-by its own admission the commercial bank is the biggest lender to the fossil-fuel industry.

Why is Wells Fargo share price falling before Congressional hearings?

Sloan received some backup from Rep. Roger Williams (R-Texas), who said Waters was advocating for "socialism" that would transform the United States into "Venezuela".

"Each time a new scandal breaks, Wells Fargo promises to get to the bottom of it", McHenry said.

"The reputational damage that our company has endured because of our mistakes has created significant damage.and it's my job as CEO to make sure things change, and they are changing", Sloan told the panel.

It's been almost three years since the unauthorized accounts scandal broke, when NPR and other outlets reported bankers had created deposit and credit card accounts for customers without their knowledge. However in questioning Sloan, who confronted bipartisan criticism through the listening to, Ocasio-Cortez, a self-described Democratic socialist, shortly went a lot additional. Since then, Wells Fargo has struggled to fix its image as it's disclosed harming customers in other areas of the company.

Sloan has spent years attempting to fix the bank's image, including making regular visits to Capitol Hill. He said that the total number of products sold without customers' consent may be 3.5 million.

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"Why does Wells Fargo continue to put companies over people?"

Sloan appeared to be caught off guard by the question and didn't answer it directly. "You are telling them that they are stupid for wanting to go to court".

Wells has paid billions of dollars in fines to regulators for consumer abuses in virtually every part of its business and past year had its growth capped by the Federal Reserve.

In August 2018, Wells Fargo agreed to pay a $2 billion civil penalty to settle allegations the bank originated and sold mortgage loans that included false information in the years leading up to the financial crisis.

The hearing comes as Wells Fargo, which has a large presence in Charlotte, remains under intense scrutiny from federal authorities and lawmakers in the wake of the 2016 scandal and newer instances of customer harm.

Wells Fargo's scandals have been wide-ranging and costly. The assertions "are just wrong", Sloan said.

If lawmakers are unhappy with what they hear, they could pressure the Federal Reserve to maintain restrictions imposed on the bank's growth until governance and risk management improve. Ocasio-Cortez asked at a hearing of the House financial services committee.

The CEOs of Morgan Stanley, Goldman Sachs Group Inc, Citigroup Inc, JPMorgan Chase & Co and Bank of America Corp are expected to appear before the committee next month. Waters' office did not confirm the report.

The scandals have battered the bank's stock and impacted its business. "Robbing your customer is not an error in business", Lynch said.

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