Wells Fargo CEO Charles Scharf. (Photo: Kyle Grillot/Bloomberg)
Wells Fargo CEO Charlie Scharf told lawmakers on Tuesday that the bank had a "flawed business model" and that the "culture was broken." He also said that his company had "not yet done what is necessary to address our shortcomings," according to a Bloomberg report.
Appearing before the House Financial Services Committee to discuss the fake-account scandals — for which Wells Fargo recently said it would pay the SEC and Department of Justice $3 billion — Scharf said, "The sense of urgency within the company is very different today than it was four months ago [when he was hired]. "We're going to have a much stronger centralized core when it comes to risk and control."
