Wells Fargo CEO John Stumpf testified on Tuesday before the Senate Banking Committee on the recent cross-selling at his company. Sen. Elizabeth Warren called for his resignation, suggesting that Stumpf's personal Wells Fargo stock holdings increased in value by more than $200 million while phony accounts were opened in customers’ names.
HousingWire staffer Jacob Gaffney notes that Warren asked Stumpf: "Have you resigned? Have you returned one nickel of the millions of dollars that you were paid while this scam was going on?"
Warren also took issue with Stumpf for blaming low-level employees and firing only at the regional branch level, while leaving senior staffers untouched and unaccountable.
“I apologize to all of the American people and will make it right,” Stumpf promised, in response to the questions from Senator Dean Heller, R-Nevada.