ML-Implode News - Stumpf Pay Surrender Buys Time But Lawmakers Say It's Not Enough

"This is a good first effort by Wells Fargo to start to move this behind them," Paul Miller, a banking analyst at FBR Capital Markets & Co., said Wednesday in an interview on Bloomberg Television. "The question is -- and I do not have the answer -- is it enough?"
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"There are still dozens of unanswered questions," Senator Sherrod Brown of Ohio, the banking committee's top Democrat, said in a statement. "We still don't know how many customers were harmed and how long this fraud continued."
The news about executives forgoing pay and the board's review won't affect the House Financial Service Committee's investigation into Wells Fargo, said a spokesman for Chairman Jeb Hensarling, a Texas Republican.

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Stumpf Pay Surrender Buys Time But Lawmakers Say It's Not Enough