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Wells Fargo CEO Tim Sloan is 'trying to do the right thing,' says Democratic senator

  • One Democratic senator isn't going as far as Sen. Elizabeth Warren, who called for the ouster of Wells Fargo CEO Tim Sloan on Tuesday.
  • Sloan faced a grilling on Capitol Hill on Tuesday about the bank's fake accounts scandal.
  • "Tim Sloan's trying to do the right thing," Sen. Jon Tester, D-Mont., said, adding that the bank must fix its culture.

One Democratic senator isn't going as far as Sen. Elizabeth Warren, who called for the ouster of Wells Fargo CEO Tim Sloan on Tuesday.

Sloan faced a grilling on Capitol Hill about the bank's fake accounts scandal.

"Tim Sloan's trying to do the right thing," Sen. Jon Tester, D-Mont., said in an interview with CNBC's "Power Lunch."

That said, Tester said he's still fighting to make sure that wrongs are righted.

"They screwed up and they need to fix it. They need to fix this culture that's gone on in their banking system for far too long," he said.

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