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Thu Sep 29, 2016, 04:04 PM

U.S. House panel lambasts Wells Fargo boss over phantom accounts

Source: Reuters

MONEY | Thu Sep 29, 2016 | 3:56pm EDT

U.S. House panel lambasts Wells Fargo boss over phantom accounts

By Patrick Rucker and Dan Freed | WASHINGTON/NEW YORK

U.S. lawmakers called for Wells Fargo & Co chief John Stumpf to resign on Thursday and a top House Democrat demanded the bank be broken because it is too big to manage.

Stumpf's second trip to Capitol Hill on Thursday went no better than his first as lawmakers from both parties angrily rebuked his handling of sales abuses and said the bank has damaged customer trust as well as the broader banking system.

Representative Maxine Waters, the committee's ranking Democrat, said fraudulently opening accounts amounted to identity theft and called for Wells Fargo to be broken up because it is too big to manage.

She called the sales abuses "some of the most egregious fraud we have seen since the foreclosure crisis."

"I'm moving forward to break up Wells Fargo bank," Waters said.

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Read more: http://www.reuters.com/article/us-wells-fargo-accounts-ceo-idUSKCN11Z0EI

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