Massachusetts Sen. Elizabeth Warren called for the firing of Wells Fargo CEO Tim Sloan Tuesday, accusing him of enabling the bank’s fake account scandal, in which at least 3.5 million fraudulent accounts were created for customers without their knowing.
“At best you were incompetent, at worst you were complicit,” Warren said. “Either way, you should be fired.”
Other committee members also sharply criticized Sloan, who became CEO of Wells Fargo last year, after a stint as chief operating officer, for allowing the scandal to get out of control.
“What in God’s name were you thinking?” asked Louisiana Sen. John Kennedy.
Sloan defended himself in front of the committee, saying he thinks Wells Fargo has taken significant steps to improve its reputation and that the actions he has taken has made “fundamental change” at the company.
“I’m not afraid to make hard decisions when it’s needed, and I have the support of 270,000 people,” he said, referring to Wells Fargo’s employees. “That’s why I think I’m the right person.”
“Are you kidding?” Warren asked in response.