Wells Fargo’s chief executive will face Congress saying the bank remains “deeply sorry” for its previous sales practices, and that in the year since the scandal over them exploded it has substantially changed for the better.
The prepared comments from Tim Sloan come ahead of his scheduled appearance in front of the Senate Banking Committee on Tuesday, about a year since his predecessor did the same and was grilled about the sales practices.
Wells Fargo has said that 3.5 million accounts were potentially opened without customers’ permission between 2009 and 2016, as employees tried to meet ambitious sales targets. People may have had different kinds of accounts in their names, so the number of customers affected may differ from the account total.
The scandal was the biggest in Wells Fargo’s history.
Sloan’s predecessor, John Stumpf, testified twice in front of Congress last fall. Then he walked away with millions.