Why the Wells Fargo Hearing Raises More Questions Than It Answers

Wells Fargo chairman and CEO John Stumpf’s testimony last Tuesday before the Senate Banking Committee on the fictitious-accounts scandal at his bank raises disturbing questions for the bank, the banking industry and affected consumers. Earlier this month, the company said its subsidiary Wells Fargo Bank will pay $185 million in settlements over admissions that its employees had created fictitious customer accounts without the parent firm’s knowledge over the past five years. They had created about two million such accounts, ostensibly to meet sales targets and earn bonuses.

Peter Conti-Brown and Lisa Cook

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