Wells Fargo CEO Tim Sloan will be testifying before Congress in response to the company's widespread customer abuses.
about the company's response to a slew of scandals related to the bank's sales practices over the past several years. Democrats, newly in charge of the committee, asked Sloan to make a solo appearance.
The San Francisco-based bank has been in discussion with regulators to resolve a number of issues including the opening of some 1.5 million unauthorized deposit accounts and 565,000 unauthorized credit-card accounts. Those actions were attributed to Wells Fargo's aggressive sales practices. The company announced it would end sales quotas for employees on January 1, 2017.six weeks after being grilled by Congress in response to the scandals.
until there was an improvement in governance and controls. In Wells Fargo's fourth quarter earnings call, Sloan indicated the growth cap would remain in place until at least the end of this year. US senator and presidential candidate Elizabeth Warren has previously called for Sloan to be ousted.
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