Five Democratic senators on Monday called for hearings into the aggressive sales tactics by Wells Fargo & Co. employees that led to a $185-million settlement package with federal and state regulators last week. The five senators requested a committee investigation into pressure-cooker sales practices first uncovered by the Los Angeles Times in 2013 that pushed thousands of Wells Fargo employees to open as many as 2 million accounts that customers never wanted. The committee probe should include hearings and testimony from Wells Fargo Chief Executive John Stumpf, Los Angeles City Atty. The suit alleged Wells Fargo “victimized their customers by using pernicious and often illegal sales tactics,” including unrealistic quotas and policies that have “driven bankers to engage in fraudulent behavior.”Wells Fargo did not admit any wrongdoing in the settlements. But the bank apologized to its customers and announced it was changing its sales practices.

Source: Los Angeles Times September 12, 2016 15:22 UTC