LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Wells Fargo CEO to testify before Senate as questions linger over scandal

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Thu, Sep 21, 2017
09:09 pm
Reuters
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

Wells Fargo Chief Executive Tim Sloan is due to testify before Congress on Oct. 3 as the bank deals with fallout from a sales scandal a year ago that continues to spark new revelations.

Sloan will appear before the Senate Banking Committee, which writes rules for his industry, at a hearing titled "Wells Fargo: One Year Later," the panel said on Thursday.

In September 2016, Wells Fargo said its employees may have created more than 2 million accounts without customer approval. Several executives were subsequently fired, but a review also turned up possible abuses with other products such as auto and life insurance.

The third-largest U.S. bank has since tried to improve sales practices and restore trust with customers.

Last month, Wells Fargo said the unauthorized accounts totaled as many as 3.5 million.

“Since last October, we have taken numerous important steps to fix issues, make things right for our customers and build a better bank,” a bank spokesperson told Reuters via email on Thursday.

Wells Fargo shares gained 0.57 percent to $54.05 in morning trading.

On Aug. 1, the 11 Democrats on the Senate Banking Committee wrote to its Republican Chairman, Mike Crapo, asking that both Sloan and the board of directors be called to testify before the Committee this month.

The letter lists nine new developments since Sloan`s predecessor John Stumpf appeared before the Senate Banking Committee in September last year. These included "concerns about the bank retaliating against employees and purposefully concealing evidence from regulators of systemic problems at the bank." http://reut.rs/2tLsbsv

During last year`s testimony, Stumpf seemed unprepared under tough questioning from Democrats and Republicans, and Massachusetts Democrat Elizabeth Warren accused him of "gutless leadership." He resigned less than a month later.

Warren has repeatedly urged the Federal Reserve to remove all members of the Wells Fargo board of directors who had served during the time the fake accounts were created.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
Economy
RELATED NEWS
Expert Views: BIG! India's retail inflation eases to 4.59% in December Expert Views: BIG! India's retail inflation eases to 4.59% in December
Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands Budget 2021 Expectations – HOME BUYERS to benefit if Govt accepts this demand; JLL CEO lists following demands
Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED Jobs, land prices, Covid-19 vaccine, rural India, household savings, NBFCs, banks, consumption, capex - Positives and Negatives | EXPLAINED
Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED    Economy, markets, FIIs, chemicals, IT and Pharma - Make money, as India powers to new highs | EXPLAINED
Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY! Setback for China – Trend reversing in favour of India; SFI lands big blow! Know here WHY!

LATEST NEWS

FAUG Mobile Game: Check direct download link - Here is what Akshay Kumar wants gamers to do

FAUG Game Download: Big development! Here is link

SBI MF Retirement Benefit Scheme: 200% returns than FD! Term insurance of up to Rs 50 lakh! Should you invest? EXPLAINED

Crackdown on income tax evaders! Critical notification by CBDT on evasion, Benami Property, Black Money - PAN, Aadhaar not needed, just do this online now

Homefirst Finance IPO Share Allotment Status: Here is how to check subscription - Step by step guide

Apl Apollo Tubes Share price: Margin beat; Strong volume growth ahead II IDBI Capital raises price target Rs 1149

SBI to HDFC Bank, Escorts, Bajaj Finance, Kotak Bank, Cipla to SBI Life - The “Make or Break” Union Budget - Expectations 2021-22

Yes Bank Share price: After Q3 result, asset Quality back in focus, Elara Capital recommends Sell with a target price of Rs 6

SBI vs HDFC Bank vs ICICI Bank: This bank will give MASSIVE return under Senior Citizen Special FD Scheme

FAUG game download in India: PUBG Mobile India rival LAUNCHED! Here is how to get it free

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved