Sloan could not rule out the possibility of new scandals emerging, but said the changes implemented since he became CEO "are going to prevent them from occurring as best we can". "This is an ongoing commitment by all 260,000 team members - starting with me - to put our customers' needs first; to act with honesty, integrity and accountability; and to strive to be the best bank in America".
Sloan also appeared to frustrate some lawmakers by declining to disclose confidential information on the progress of some remediation efforts, and by failing to say categorically that Wells Fargo would never suffer another scandal.
In statements to the House Financial Services Committee, Sloan - who has been with the Wells Fargo for 31 years - outlined a slew of changes he has implemented to the company's retail banking sector since assuming the top spot, including overhauling the leadership of the division and ending an incentive program at the heart of much of the controversy. Within risk, the company has three "lines of defense" - front-line risk, independent risk management, and audit - to ensure multiple layers of review and to improve internal oversight.
The White Home has pointed out that photographs broadly circulated on social media displaying migrant kids in massive, fenced-off detention rooms have been taken in the course of the Obama administration.Sloan responded merely, "I do not know methods to reply that query, as a result of we weren't". "... Wells Fargo's ongoing lawlessness and failure to right the ship suggest the bank, with approximately $1.9 trillion in assets and serving one in three USA households, is simply too big to manage".
The bank's scandals have included millions of unauthorized accounts to meet high-pressure sales goals, improperly repossessing cars, overcharging small businesses for credit card transactions and accidentally foreclosing on homeowners due to a software glitch.
"Each time a new scandal breaks, Wells Fargo promises to get to the bottom of it", he said.
"What this long, but impartial list makes clear is that Wells Fargo is a recidivist financial institution that creates widespread harm with a broad set of offenses", said Waters.
Wells Fargo CEO Tim Sloan is on Capitol Hill trying to convince lawmakers the bank has undergone a "transformation" and is now a "better bank".
Wells Fargo has since deployed more lobbyists in Washington and launched a public relations offensive, but remains in politicians' crosshairs. "Why should Wells Fargo continue to be the size that it is?"
The committee's ranking Republican, Patrick McHenry of North Carolina, said his party wouldn't show any sympathy for Wells Fargo.
Such abuses caused the Federal Reserve to impose an unprecedented cap on Wells Fargo's growth past year, a restriction that remains in effect.
"The past few years have taught us that our company does well by doing right".
He said one exit was finalized and the other was still pending, but he couldn't remember which was which. Tim Sloan, chief executive officer (CEO), is slated to testify before the US Congress. Wells Fargo recently agreed to reimburse the customers for $575 million. The committee is also expected to hold a separate hearing with the CEOs of other big banks, such as Jamie Dimon of JPMorgan Chase, soon.
After the hearing, the Office of the Comptroller of the Currency, which a year ago fined Wells Fargo $1 billion for faulty mortgage and insurance products, echoed comments made by its head in October that the bank still had much work to do to.