WASHINGTON — Timothy J. Sloan went to Capitol Hill on Tuesday to convince members of Congress that Wells Fargo had become a better bank. By the time he left, it was clear that few believed him. Mr. Sloan, the bank’s chief executive, fielded intense criticism during four hours of testimony before the House Financial Services Committee. Democrats and Republicans alike grilled Mr. Sloan, whose bank has tried to recover from a series of scandals in 2016, when it was revealed that Wells had been opening phantom bank accounts in customers’ names and forcing unnecessary fees and products on some of them. But their Republican counterparts also pulled few punches.

Source: New York Times March 12, 2019 14:15 UTC