Wells Fargo boss should be fired, says senator

Washington senators have criticised Wells Fargo, saying the US bank had not done enough to reform the corporate culture that led to the creation of millions of fake accounts.

Senator Elizabeth Warren called for the chief executive, Tim Sloan, to be fired and board members replaced.

Another senator asked if regulators should revoke the bank’s charter.

Mr Sloan, who was appointed following the scandal over sales practices, said the firm had taken steps to improve.

“We’ve made fundamental changes to the way we do business,” he said at a congressional hearing in Washington on Tuesday.

The hearing occurred about a year after Wells Fargo leaders appeared in Washington to speak about the fake accounts, which were used to boost sales figures.

Regulators fined the the bank more than $180m over the those practices last year. Wells Fargo also agreed to pay more than $140m to settle a class-action lawsuit.

But this summer, Wells Fargo said as many as 3.5 million accounts may have been created for customers without their permission over about eight years – more than it had previously acknowledged.

It has also said it had uncovered problems with the bank’s online payment system and admitted to wrongly charging customers for car insurance.

On Tuesday, Mr Sloan, a long time executive at the bank, maintained the most serious problems were limited to the firm’s retail banking unit.

Senators criticised the company for the additional problems and continuing to force customers to pursue claims outside of court, among other practices.

“Wells Fargo is not going to change with you in charge,” Ms Warren said.

Ms Warren had called for the resignation of the firm’s previous chief executive as well.

March For Our Lives: Six key takeaways from the US gun control rallies

It was the biggest gun control protest in a generation. Hundreds of rallies were staged across the US and beyond as marchers filled the streets calling for the implementation of tighter measures following the deadly mass shooting at a Florida school in February.

That incident not only ignited the #NeverAgain movement, but also Saturday’s mass demonstrations, which took place under the banner of March For Our Lives and were led by a rally in Washington DC attended by some 200,000 demonstrators, according to CBS News.

With events not just in the US but as far afield as London, Paris, Mauritius, Tokyo, Stockholm, Sydney, Geneva and Berlin, the day was made up of powerful messages delivered by articulate students and children, most of whom have already in some way experienced gun violence.

  • In pictures: Marches across the US and worldwide

    Here are six key moments from some of the biggest US rallies since the Vietnam War era.

    1. Survivor shows the power of silence

    One of the most emotionally charged moments came when Emma Gonzalez, one of the student survivors of the mass shooting at the Marjory Stoneman Douglas High School in Florida, took to the podium in Washington DC.

    Others present at the march in DC included the actor George Clooney, media mogul Oprah Winfrey, director Steven Spielberg, author Stephen King, TV host Ellen DeGeneres, late-night show host Jimmy Fallon and singer Cher.

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    Watching everyone marching and speaking up is so inspiring, and so powerful. Keep going. You're changing the world. #MarchForOurLives

    — Ellen DeGeneres (@TheEllenShow) March 24, 2018

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    6. Signs that grabbed attention

    Signs carried by protesters included strong messages criticising lawmakers who oppose tougher laws, with many also attacking the National Rifle Association (NRA), the powerful US gun lobby.

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    #MarchForOurLives pic.twitter.com/nkmzIslZgD

    — Liz Plank (@feministabulous) March 24, 2018

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    Others included powerful statements that highlighted the need for a rethink on current gun control laws and the sort of devastation that certain types of automatic weapons can inflict.

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    #MarchForOurLives Philly One of many signs here. pic.twitter.com/5V9v60KY32

    — Robert Rosenthal (@PCC_Car) March 24, 2018

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    There were also signs that carried humour and impact in equal measure.