Exhibit 1246 ยท Congressional testimony (prepared statement)
Testimony of John Stumpf, Chairman and CEO of Wells Fargo & Co., before the Senate Committee on Banking, Housing, and Urban Affairs
I do want to make very clear that there was no orchestrated effort, or scheme as some have called it, by the company.
Prepared testimony at the hearing 'An Examination of Wells Fargo's Unauthorized Accounts and the Regulatory Response' (S. Hrg. 114-510). Apologizes, accepts responsibility for the sales practices, states there was no orchestrated effort or scheme by the company, and describes employee terminations as about 1 percent of the retail workforce a year.
- Source
- John Stumpf, Chairman and Chief Executive Officer, Wells Fargo & Company
- Date
- 20 September 2016
- Quoted from
- Prepared testimony, p. 1, fourth paragraph
- Grade
- Primary record
- Document
- https://www.banking.senate.gov/imo/media/doc/092016_Stumpf%20Testimony.pdf
- Accessed
- 2026-11-10
- Cited by
- Findings citing this exhibit
- Note
- Same page: 'It is important to understand that when an employee provides a customer with a product or service that she did not request or authorize, that employee has done something flat wrong.' and 'I accept full responsibility for all unethical sales practices in our retail banking business'. Terminations passage: 'individuals were terminated over time for sales-related misconduct as a result of investigations opened from January 1, 2011 through March 7, 2016', 'approximately 1% of that workforce annually'. The same statement is in the hearing volume at govinfo.gov CHRG-114shrg23001 (also read).