Earlier this week, in an interview with CNBC’s Jim Cramer, Stumpf said he has no plans to step down as a result of the scandal, which has hammered Wells Fargo stock for more than 9 percent in the last week.
Representatives for Wells Fargo told CNBC on Thursday that Stumpf will respond to Warren next week, when he attends a Senate Banking Committee hearing in Washington. Warren is also a member of the Senate Banking Committee.
Wells Fargo on Tuesday announced that it will change the way it measures the performance of its retail bank staff. The bank said at a financial services conference in New York Tuesday that only around 10 percent of the fired employees were ranked branch managers or higher. Further, CFO John Shrewsberry said in a presentation on Tuesday, most of the staffers the bank cut for their behavior were under-performers.
On Wednesday, it was reported that federal prosecutors are taking a look at Wells Fargo in the wake of the regulatory action against the bank.
“All they do is fire the low-level employees,” Warren said to CNBC. “You can’t run a bank like that.”