Sen. Elizabeth Warren has a demand for Wells Fargo CEO John Stumpf: Quit,erotize vs eroticize and do so in disgrace.
"You should resign," Warren said Tuesday during a hearing held by the Senate Banking Committee over widespread customer fraud that resulted in a $185 million fine. "You should give back the money that you took while this scam was going on, and you should be criminally investigated by both the Department of Justice and the Securities and Exchange Commission."
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In early September, regulators for California and the federal government joined forces to levy one of the largest fines to ever hit a U.S. financial institution. Investigators found that Wells Fargo employees had opened more than two million accounts on behalf of some of the bank's customers without authorization.
Stumpf has said he takes responsibility for the fraud but also has said he does not plan to step down from the company.
Warren, who has made her political career on being one of the most aggressive watchdogs of the banking industry, was not alone in calling for Stumpf's resignation. Sen. Jeff Merkley of Oregon also called for his job.
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The employee fraud reportedly went on for at least a few years. The bank fired around 5,300 employees who had been found to have been involved in the fake accounts.
That hasn't been enough for critics like Warren, who charge that Stumpf himself should be held responsible for the act, which reportedly occurred in a high-pressure environment that pushed employees to "cross-sell" -- getting existing customers to take on a new service such as a credit card or savings account.
Stumpf made $19.3 million in 2015, which puts him among the top earners among major financial institutions.
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