ML-Implode News - Wells Fargo CEO John Stumpf Called to Account By US Congress

The Senate Banking Committee has summoned John Stumpf, chief executive of Wells Fargo & Co., to testify about the bank's alleged sales-practices misdeeds after it agreed last week to pay a $185 million fine and enter into an enforcement action with regulators. Mr. Stumpf told The Wall Street Journal in an interview Tuesday that he is prepared to "share Wells Fargo's story" at the hearing.
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The $185 million figure Wells Fargo has to pay doesn't startle in the same way. But 5,300 does. That is the number of employees that Wells Fargo has fired over a five-year period due to allegedly improper sales practices.

So is two million, the rough number of accounts that may have been opened by bank employees without customers' knowledge to help meet sales goals.

And, so far, Mr. Stumpf's communications strategy has been far less direct than that of Mr. Dimon.
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On top of all that, Mr. Stumpf faces a challenge that Mr. Dimon didn't have to contend with. Today, the banking committee includes Sen. Elizabeth Warren (D., Mass.), the architect of the Consumer Financial Protection Bureau and perhaps the toughest critic of big banks on Capitol Hill.

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Wells Fargo CEO John Stumpf Called to Account By US Congress