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Wells Fargo boss says bank’s past conduct was ‘deeply disturbing’

Charles Scharf tells lawmakers the bank needs to operate ‘fundamentally differently’

Wells Fargo’s new CEO told Congress on Tuesday that the troubled bank engaged in “deeply disturbing conduct” but is charting a new path to move past its yearslong sales-practices scandal.

Chief Executive Charles Scharf sought to reset the political tone around the bank. He noted that he is putting in place a new management structure that increases oversight of each business line. He also said the bank has far more risk and compliance controls than when it was fined by regulators in 2016 for opening perhaps millions of fake accounts.

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