TIME

Wells Fargo customer fraud deals political setback to banks

JOHN STUMPF, chairman and CEO of Wells Fargo, in a Senate hearing on its massive, multiyear customer fraud

FOR THE ENEMIES OF BIG BANKS, IT was a dream come true. John Stumpf, the CEO of what until recently had been the most valuable bank in the world, Wells Fargo, sat alone under the bright lights of a Senate hearing on Sept. 20, meekly receiving a three-hour public flogging—from industry-friendly Republicans, no less. Pennsylvania’s Pat Toomey, who is up for re-election, called the bank’s

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