Wells Fargo CEO John Stumpf testifies before the House Financial Services Committee on Capitol Hill in Washington, DC, U.S. Sept. 29, 2016. REUTERS/Gary Cameron
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Wells Fargo's CEO, newly stripped of tens of millions in compensation in a scandal over sales practices, told angry lawmakers Thursday the bank is expanding its review of accounts and will evaluate executives' roles.U.S. and California regulators have fined San Francisco-based Wells Fargo $185 million, saying bank employees trying to meet sales targets, opened up to 2 million fake deposit and credit card accounts without customers' knowledge.The Wells Fargo board said it is stripping Stumpf and the executive who ran the retail banking division of millions of dollars in pay. Stumpf, who earned $19.3 million last year, will forfeit $41 million in stock awards.Stumpf remained on the defensive before lawmakers, saying customers' loyalty to Wells Fargo remains as strong as ever.Members of Congress also pushed Stumpf on when he informed Wells Fargo's board about the sales practice scandal, and whether Wells may have violated Securities and Exchange Commission regulations by not informing investors.Short of forcing Stumpf to resign, the board may move to split the CEO and company chairman roles that Stumpf holds, Elson suggested.
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