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Podcasts Take Two
Wells Fargo CEO apologizes to Senate committee, promises changes
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Sep 20, 2016
Listen • 7:47
Wells Fargo CEO apologizes to Senate committee, promises changes
The San Francisco-based bank opened millions of superfluous accounts, applied for unauthorized credit cards, and forged customer signatures.
Wells Fargo Chief Executive Officer John Stumpf testifies on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets.
Wells Fargo Chief Executive Officer John Stumpf testifies on Capitol Hill in Washington, Tuesday, Sept. 20, 2016, before Senate Banking Committee. Stumpf was called before the committee for betraying customers' trust in a scandal over allegations that employees opened millions of unauthorized accounts to meet aggressive sales targets. (AP Photo/Susan Walsh)
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Susan Walsh/AP
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The San Francisco-based bank opened millions of superfluous accounts, applied for unauthorized credit cards, and forged customer signatures.

The CEO of Wells Fargo apologized Tuesday morning, amid allegations that employees opened up millions of fraudulent accounts to boost sales numbers. 

Speaking in front of the Senate Banking Committee, longtime chairman John Stumpf said he accepts full responsibility for what happened, but maintained that it was not a scheme organized at the top.

The testimony comes on the heels of a $185 million settlement between the San Francisco bank and regulators. 

For more on the hearing, Take Two spoke to Ken Sweet, banking and consumer financial issues writer for the Associated Press.

Press the blue play button above to hear the interview.