Wells Fargo's 'deeply sorry' CEO says bank reacted too slowly to abuses

Washington

WELLS Fargo & Co's John Stumpf, struggling to quell a scandal and demands for management accountability, told US lawmakers on Tuesday that the bank failed customers and the public by reacting too slowly to signs that employees were opening millions of unauthorised accounts.

"I am deeply sorry that we failed to fulfil our responsibility to our customers, to our team members, and to the American public," Mr Stumpf told a congressional panel. "I accept full responsibility for all unethical sales practices."