Wells Fargo Does Damage Control Before Washington Grilling

September 14, 2016 10:52 PM

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Tim Sloan, the bank’s president and chief operating officer, has spent most of the week reaching out and meeting with members of Congress and their staffs in Washington, as the lender confronts blowback over allegations it opened more than 2 million accounts without customers’ approval, said people with direct knowledge of the discussions. With the Senate Banking Committee preparing to hold a Sept. 20 hearing on the scandal, Sloan and other Wells Fargo executives are spending time in the offices of Chairman Richard Shelby and top Democrat Sherrod Brown, and have targeted others on the committee.

Sloan, who is viewed as a potential successor to Chief Executive Officer John Stumpf, has repeatedly apologized for the bank’s conduct and conceded that it took the lender too long to address the misconduct, said the people who asked not to be named because the meetings were private. He’s also walke...

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