WASHINGTON—The CEO of Wells Fargo plans to apologize before a congressional panel for betraying customers’ trust in a scandal over allegations that employees opened millions of unauthorized accounts, moved money into them and signed customers up for online banking in order to meet sales targets.
In prepared testimony obtained by The Associated Press, Chief Executive John Stumpf says he is “deeply sorry” the bank failed to meet its responsibility to customers and didn’t act sooner to stem what he called “this unacceptable activity.” He testifies Tuesday before the Senate Banking Committee.
“I accept full responsibility for all unethical sales practices in our retail banking business, and I am fully committed to doing everything possible to fix this issue, strengthen our culture, and take the necessary actions to restore our customers’ trust,” according to the prepared testimony.
