The heads of some of the largest U.S. banks are calling for a new security-focused mindset among executives, better forms of ID and collective action in the aftermath of the Equifax breach.
"I’m not going to step aside because I’m an asset for this company," Tim Sloan said Wednesday, rejecting arguments by some Senate Democrats that he is too tied to the phony-accounts scandal.
The bank plans to contact all customers who paid fees for rate lock extensions during a three-and-a-half year period and to refund any who believe they should not have been charged.
Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked.
The workers who have been brought back do not include any of the more than 5,000 employees who were fired for alleged misconduct, according to the company.
A year ago, then-Wells CEO John Stumpf testified before two committees. It went so poorly Stumpf later resigned and his bank is still struggling to repair the damage. Here's how Equifax CEO Richard Smith can avoid the same fate.
The hearings before the Senate Banking Committee have high stakes for both companies, as lawmakers are expected to ask the CEOs whether they should be fired.
Tim Sloan told investors Tuesday that Wells could uncover more examples of financial harm to its customers as part of its ongoing review of its sales practices.
