Wells Fargo CEO Charlie Scharf, who has led the scandal-plagued megabank for four months, was upfront about the bank’s failure to stem abuses in its banking, lending, and auto insurance divisions when he testified at a Congressional hearing Tuesday.
Scharf called the bank’s behavior “deeply disturbing conduct that is utterly unacceptable,” in testimony before the House Financial Services Committee. “Simply said, we had a flawed business model in how the company was managed. Our structure was problematic, and the company’s leadership failed its stakeholders.”
