Wells Fargo boss urged to resign read more at here www.spinonews.com/index.php/item/931-wells-fargo-boss-urged-to-resign

The bank was fined $185m (£142m) earlier this month and accused of "widespread illegal practice" by the regulator.

The fine imposed on the bank by the US Consumer Financial Protection Bureau was the largest ever imposed by the regulator.

Bank workers had opened more than two million deposit and credit card accounts without customers' permission.

During fierce criticism from a panel of US senators, Wells Fargo chief executive John Stumpf was told to resign over a bogus accounts scandal.

Senator Elizabeth Warrren told Mr Stumpf he should step down as his bank had "squeezed" its employees "so they would cheat customers".

Wells Fargo fired more than 5,000 staff in response to the scandal.         

"I am deeply sorry we failed to fulfil our responsibility," said Mr Stumpf, before a hearing of the Senate banking committee.

"There is no question with some of our customers we violated trust," he added.

"We never directed nor wanted our team members to provide products and services to our customers that they didn't want.

But Senator Warren, who has long been a critic of the US banking industry, was unmoved by his apology.

Wells Fargo said it would be contacting every deposit customer across the country to see if their accounts were properly authorized.

In the future, confirmation emails will be sent to customers within one hour of the opening of a new deposit account.