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Wells Fargo CEO Tim Sloan is getting ready to be grilled by Congress (WFC)

Wells Fargo CEO Tim Sloan is getting ready to be grilled by Congress (WFC)
Washington Post



Wells Fargo CEO Tim Sloan is testifying before Congress about the bank's progress as it works through scandals.




Sloan will appear before the House Committee on Financial Services, chaired by Democrat Maxine Waters.




Democrats are expected to grill the CEO on the company's response to several major scandals involving customer sales abuses.




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Wells Fargo CEO Tim Sloan will testify before the House Committee on Financial Services about the company's response to a slew of scandals related to the bank's sales practices over the past several years. Democrats, newly in charge of the committee, asked Sloan to make a solo appearance.
The San Francisco-based bank has been in discussion with regulators to resolve a number of issues including the opening of some 1.5 million unauthorized deposit accounts and 565,000 unauthorized credit-card accounts. Those actions were attributed to Wells Fargo's aggressive sales practices. The company announced it would end sales quotas for employees on January 1, 2017.
In 2016, the bank's former CEO, John Stumpf, resigned six weeks after being grilled by Congress in response to the scandals. Current CEO Tim Sloan is expected to face significant pressure as Democrats showcase their more aggressive stance on financial regulations as compared to Republicans, who previously led the Committee.
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