The changes Mr. Sloan and his team have made are not sufficient to reform a corporate culture that is willing to abuse its customers and employees in an effort to pad its numbers and increase executive compensation," Sen. Sherrod Brown (D-Ohio) said at the start of the hearing.


The bank has shelled out more than $300 million in fines as well as settlement costs associated with a class-action suit. In addition, it has ended its relationship with several senior executives including former CEO John Stumpf.


Wells Fargo has rehired more than one-third of the employees it axed in the wake of the bank's fake accounts scandal, Sloan said.

In total, more than 1,780 of the 5,200 or so workers dismissed as the result of Wells Fargo's wayward cross-selling practices are back on the job, Sloan said.


Still, shareholders haven't been convinced.

The stock has only recently turned positive thanks to a late-September rally, but is barely positive during a year in which the S&P 500 has surged 13 percent and bank stocks otherwise, as gauged by the SPDR S&P Bank ETF, have risen 4.3 percent.

In addition to the rehirings, Sloan said the bank is making a number of other reforms and is continuing to reimburse affected customers. Wells will provide an additional $2.8 million on top of the $3.3 million it already has refunded. The bank also is sending "mystery shoppers" to various branches to make sure sales practices are above-board.

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