DENVER BUSINESS JOURNAL - Wells Fargo & Co. chairman and CEO John Stumpf faced hours of questioning Tuesday from members of the U.S. Senate Committee on Banking over allegations of employees opening unauthorized accounts.
The CEO of the San Francisco-based bank (NYSE: WFC), Colorado's largest, apologized for the unauthorized accounts and said he takes “full responsibility for the unethical sales practices.”
Stumpf said he learned of the activity in 2013, but does not remember the specifics of when the senior management team became aware of the situation. Stumpf admits the bank should have acted sooner.
“We all wish we could have done more earlier,” Stumpf said.