Skip to main content

Wells Fargo updates: A parade of lawmakers rip into CEO John Stumpf

September 29, 2016

Wells Fargo Chief Executive John Stumpf quickly left the Rayburn House Office Building today after facing more than four hours of blistering questioning from lawmakers angry about the bank's creation of millions of bogus accounts in customers' names.

Stumpf would not answer reporters' questions after numerous members of the House Financial Services Committee criticized his handling of the controversy and questioned his ability to run the giant bank.

"I'm amazed at what you don't know about your business. I've heard more 'I don't knows' from a CEO than I think I ever heard in my life," Rep. Roger Williams (R-Texas) told Stumpf. "I've got one simple question for you: When are you going to resign?"

Toward the end of the hearing, Rep. Maxine Waters (D- Los Angeles), the panel's top Democrat, told Stumpf, "I'm concerned that maybe you don't have a handle on your management."

"I have come to the conclusion that Wells Fargo should be broken up," she said. "It's too big to manage."

Rep. Denny Heck (D-Wash.) said he was not impressed with Stumpf's testimony.

"After four hours, my takeaway, sir, is that you are in denial," Heck told the CEO. "Frankly, I don't personally see how you survive."