Warren tore into the CEO of Wells Fargo, eliciting a huge response on social media. The bank paid a record fine for widespread illegal practices by its sales staff.
Senator Elizabeth Warren on Tuesday accused Wells Fargo CEO John Stumpf of “gutless leadership” and demanded he resign during a congressional hearing, drawing a huge response on social media.
At the Senate Banking Hearing Committee on Tuesday, Warren grilled Stumpf for his role in a “massive years' long scam” at the bank.
The bank paid a record fine of $185 million after admitting its employees set up over 1.5 million unauthorized credit and debit accounts for its customers without their consent. More than 5,000 employees have been fired since the bank began investigating its sales practices in 2011.
Warren questioned Stumpf about his personal accountability in the bank's actions and accused him of enriching his own stock portfolio while “this scam was underway.”