“Too Big to Manage…Too Big to Regulate” — Senators Say Wells Fargo Shows Need to Break Up Banks
Wells Fargo CEO John Stumpf appeared before the Senate Banking Committee on Tuesday to assuage lawmakers’ concerns about the massive bank’s management practices. Instead, some questioned if the firm should even legally exist. Stumpf apologized for recent revelations about the bank, which was found to have opened more than 2 million accounts in their customers names, without proper authorization, to boost sales numbers. But he stressed that the wrongdoing was carried out by “only one percent” of the bank’s total workforce of 100,000 employees. Senators…