Wells Fargo chief blames scandal on bank’s workers

But that did not appease the lawmakers. Several called for Stumpf’s resignation, and others asked why he shouldn’t be jailed, like a bank robber.

“Something is going wrong at this bank, and you are the head of it,” said Rep. Gregory Meeks, D-N.Y., adding, “You should be fired.”

Stumpf replied, “I serve at the pleasure of the board.”

Meeks, at times pounding the table for emphasis, asked if Stumpf would have set free someone who had robbed a Wells Fargo Bank, and then simply apologized and taken responsibility. Criticizing Wells Fargo’s “criminal activity,” Meeks said: “Your bank, Wells Fargo, has given the entire financial services industry a black eye.”

Congressional hearings to rake Wall Street leaders over the coals for their companies’ illegal acts have become a common spectacle — a point several members mentioned during the hearing.

“To the American people, this kind of feels like déjà vu all over again,” said Rep. Jeb Hensarling, R-Texas, chairman of the committee.

AL DRAGO / NEW YORK TIMES John Stumpf, chief executive of Wells Fargo, testifies Thursday before the House Financial Services Committee investigating the bank ’s opening of millions of unauthorized customer accounts. He blamed an ethical lapse by 5,300 employees.