Wells Fargo & Co Chief Executive Tim Sloan will tout the scandal-plagued bank�...
FILE PHOTO: Tim Sloan, CEO and President, Wells Fargo & Co., speaks at the Milken Institute's 21st Global Conference in Beverly Hills, California, U.S. April 30, 2018. REUTERS/Lucy Nicholson
Since 2016, Wells Fargo has reviewed 165 million accounts, contacted more than 40 million customers and payed out millions in compensation stemming from sales practices issues, Sloan said in an opening statement to the House Financial Services Committee that was posted on the bank’s website on Monday.
But Sloan will likely face tough questions on Tuesday from House Democrats like U.S. Representatives Maxine Waters and Alexandria Ocasio-Cortez, who are seeking to ramp up oversight of big banks. The bank has improved risk management controls by centralizing oversight and restructuring its board in order to prevent new problems from developing, the remarks said.
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