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Business

Wells Fargo CEO told to resign in Capitol Hill backlash

Opening sequence

Opening sequence

Business

Wells Fargo CEO told to resign in Capitol Hill backlash

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COMING UP:Wells Fargo CEO told to resign in Capitol Hill backlash

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Transcript

00:00:00
>> You haven't returned a single nickel of your personal earnings. You haven't fired a single senior executive.>> Democrats and Republicans on the Senate Banking Committee, Tuesday, in a rare bipartisan display of disgust. Embattled Wells Fargo CEO, John Stump was supposed to be providing answers as to why 2 million unauthorized accounts were created in his bank, and why he took so long to tell regulators.
00:00:24
>> I am deeply sorry that we failed to fulfill on our responsibility to our customers, to our team members, and to the American public. I accept full responsibility.>> But the apology was met with contempt. The harshest rebuke coming from Massachusetts senator, Elizabeth Warren. You squeezed your employees to the breaking point so they would cheat customers, and you could drive up the value of your stock, and put hundreds of millions of dollars in your own pocket.
00:00:59
And when it all blew up,you kept your job. You kept your multi-million dollar bonuses. This is about accountability. You should resign. You should give back the money that you took while this scam was going on. And you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission.
00:01:21
>> Fellow senators didn't go as far, but the outrage was there, nonetheless. Stumpf, really hitting a raw nerve by deflecting questions on whether he would claw back the $125 million awarded to the retired head of the unit where the misdeeds occurred. His simple response.>> I'm not part of that process.
00:01:40
>> Stumpf is not done answering questions. Lawmakers in the house want to talk to him sometime this month. That date has yet to be announced.