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Business Matters: Wells Fargo CEO Grilled Over Fake Bank Accounts

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Wells resized.jpg

30/09/2016 GMT

Wells Fargo CEO Grilled Over Fake Bank Accounts

BBC World Service - Business Matters, Wells Fargo CEO Grilled Over Fake Bank Accounts

John Stumpf, CEO of US bank Wells Fargo is grilled by lawmakers over fake account scandal

Wells Fargo CEO, John Stumpf was grilled by a very hostile House Financial Services Committee. His bank is accused of opening up to 2,000,000 fake accounts.

It was a difficult day for the chief executive of Wells Fargo - the American bank at the centre of a storm over fake customer bank accounts.  John Stumpf has once again been hauled in front of politicians in Washington to explain why the bank's staff opened two million bank accounts without customers being aware. Many customers were then charged for those accounts and had their credit scores affected. The BBC's Samira Hussain gives us the latest news.

It's been another bad day for Germany's banking industry. Questions have been swirling around the health of its biggest bank Deutsche Bank for months - on Wednesday it had to deny it had asked the German government for a bailout. Now Germany's second biggest bank Commerzbank says it's going to cut more than 9000 jobs - almost a fifth of its global workforce. David Enrich of the Wall Street Journal in New York tells us what this announcement says about the German finance sector.

Here in the UK, employers are going to be forced to reveal how much more men are paid than women in their workforce under newly introduced regulations. The gender pay gap is still a reality in many industries and despite women increasingly being represented in boardrooms and leading in the commercial world, it's very hard to shake this problem. So what should be done? The BBC's Katie Hile has been taking soundings at the Women in Business seminar held in the City of London.

In just under six weeks the people of the United States will elect the man - or woman - who will succeed Barack Obama in the office of President - still the most powerful job in the world. Here on Business Matters, each week we will be hearing the reflections of our North America Editor, Jon Sopel, on a  campaign like no other in US history. This week is the first of the dispatches from his soapbox.

Throughout the programme we're joined from new York by Diane Brady, a business columnist and author and in Singapore, Parag Khanna, the author of the new book Connectography: Mapping the Future of Global Civilization. He's also a senior fellow at the Lee Kuan Yew School.

Picture description: A woman walks past a Wells Fargo branch in Pasadena, California on September 28, 2016. Wells Fargo CEO John Stumpf will forgo USD 41 million in compensation, the bank's board of directors announced, as punishment for a bogus accounts scandal that has rocked the company. 
Picture Credit: FREDERIC J BROWN/AFP/Getty Images

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