Wells Fargo & Co. has told some employees to stop cross-selling products to customers, while the Senate Banking Committee’s Republican majority said yesterday that it plans a hearing into the bank’s sales practices, the Wall Street Journal reported today. The committee intends to question Wells Fargo Chief Executive John Stumpf about the events that led the bank to pay a $185 million fine and enter into an enforcement action with two federal regulators and a local official. The committee has already informed Stumpf that his presence was requested for the Sept. 20 hearing, according to Torrie Matous, a spokeswoman for the banking committee’s majority, led by Sen. Richard Shelby (R-Ala.). Several Wells Fargo executives are scheduled to brief the banking committee today and regulators are expected to meet with them later this week.
