Wells Fargo ‘like Enron’

FURIOUS US politicians have branded tainted bank Wells Fargo a ‘criminal enterprise’ similar to Enron.

Chief executive John Stumpf was attacked for presiding over an aggressive target-driven culture, which saw staff open 2m fake accounts in customers’ names.

Members of Congress likened him to a bank robber and demanded he was sacked – or even thrown in jail. A dramatic hearing of the House of Representatives Financial Services Committee saw Stumpf, 63, described by Representative Michael Capuano as ‘clearly and unequivocally guilty’ of crimes ranging from conspiracy to commit fraud and identity theft to racketeering.

The lender has been hit with a £139m fine by the Consumer Financial Protection Bureau.