Banking

Wells Fargo CEO Tim Sloan to face Senate panel next month

Wells Fargo CEO Tim Sloan is set to testify before the Senate Banking Committee next month.
Wells Fargo CEO Tim Sloan is set to testify before the Senate Banking Committee next month.

Wells Fargo CEO Tim Sloan is set to testify before the Senate Banking Committee next month, as the bank continues to face questions about a fake accounts scandal that erupted a year ago.

Sloan is set to appear before the panel Oct. 3 in a session that begins at 10 a.m.

“We welcome the opportunity to further update the Committee about the progress Wells Fargo has made over the last year,” Wells spokesman Mark Folk said. “Since last October, we have taken numerous important steps to fix issues, make things right for our customers and build a better bank.”

It’s the latest fallout for Wells, which continues to be dogged over last September’s revelations that employees for years opened unauthorized customer accounts to meet high-pressure sales goals. Wells agreed last year to $185 million in fines to settle the allegations, which have tarnished its reputation, sparked federal and state probes and led to the toppling of its former CEO.

Earlier this week, Federal Reserve Chairwoman Janet Yellen blasted Wells Fargo for its “egregious and unacceptable” sales scandal and said the regulator may take action against the bank.

Sloan’s predecessor John Stumpf appeared before Congress last fall and struggled during the grilling before ultimately stepping down.

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