Wells Fargo's board of directors will be called to testify before Congress ...
WASHINGTON - Wells Fargo’s board of directors will be called to testify before Congress about the bank’s numerous scandals sometime in 2020, a senior U.S. House lawmaker told Reuters Thursday.
Representative Maxine Waters, who chairs the House Financial Services Committee, said in a brief interview she wanted to press the board on their role in righting the bank after years of fines, regulatory penalties, and business upheaval. Waters, a Democrat from California, added that she remains convinced that Wells is too big to be properly managed and should be broken up.
The San Francisco-based bank is on its third chief executive since disclosing a wide-ranging sales practice scandal in 2016. Charles Scharf, the former CEO of Bank of New York Mellon, took the lead role at the bank in October.
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