CLSA banking analyst Mike Mayo said on CNBC's "Fast Money: Halftime Report" that both Congress and Wells Fargo could take much more disciplinary action in response to the alleged unauthorized opening of accounts by the bank's employees, which has led to two Congressional hearings and an internal investigation.
"The clawback certainly hurt," he said, referring to the bank's move to take back stock awards it made to its CEO, "but I still think Wells Fargo could and should do more. Fire the head of the committee on the board in charge of human resources. Fire the head of the committee on the board in charge of customer relations."
Not only that, but the bank should do more for the customers affected by its alleged malpractice, Mayo said, and do a better job of defining the company culture, which the analyst admitted the CEO tried to do during Thursday's hearing.