Wells Fargo CEO to accept responsibility for fake account scandal

John Stumpf, the Chief Execeutive Officer of Wells Fargo, is expected to appear before a US Senate hearing on Tuesday and accept the responsibility for the bank's fake account scandal.

Wells Fargo was fined $185m for creating unauthorised accounts and credit cards for its customers in order to meet aggressive sales targets.

Stumpf will face a hearing from the Senate Banking Committee over the scandal, after his bank was taken to court by customers for the practices.

According to documents obtained by the New York Times, Stumpf will say that he is "deeply sorry" for the damage caused by those practices.

5,300 employees were sacked by Wells Fargo as a result of the findings by regulators, and Strumpf is facing calls to resign himself.

The paper says that there was "no orchestrated effort" by the company's top brass to organise the accounts in question.

"We never directed nor wanted our employees, whom we refer to as team members, to provide products and services to customers they did not want or need," he will say, according to his testimony.