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Charles Scharf told lawmakers that the company's structure and culture "were problematic." But he projected confidence that it could win back the public's trust after years of scandals.
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The U.S. Consumer Financial Protection Bureau has filed a lawsuit against Cincinnati-based Fifth Third Bank, alleging employees opened fake accounts for…
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Elizabeth Duke and James Quigley were scheduled to testify. Democrats last week said Wells Fargo was slow to "correct serious deficiencies in its infrastructure for managing risks to consumers."
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The bank agreed to settle charges brought by the Justice Department and the Securities and Exchange Commission over accounts, debit cards and other products that customers did not request.
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Wells Fargo will pay a civil penalty for allegedly selling residential mortgage loans that included misstated income information, the Justice Department said.
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A growing number of corporations are dropping or reducing their sponsorship of next month's Republican National Convention in Cleveland, according to a…