Wells Fargo CEO trying to do right thing, says Democratic senator

Aaron P. Bernstein | Reuters

Wells Fargo & Company CEO and President Tim Sloan testifies before the Senate Banking Committee on Capitol Hill in Washington, October 3, 2017.

Wells Fargo has admitted employees enrolled customers in programs without their knowledge in an effort to meet aggressive sales goals. About 3.5 million accounts were affected.

Warren contended at the hearing that Sloan was part of a culture that pushed the bank to create the fake accounts.

“At best you were incompetent, at worst you were complicit,” she said. “Either way, you should be fired.”

Sloan said he believes the bank was making strides in restoring its reputation and promised more changes are on the way.

“I think the reason I am the right person to run this company today, notwithstanding your criticisms, is because I have been making change at this company for 30 years,” Sloan said.

— CNBC’s Jeff Cox contributed to this report.