• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics

1

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 

2

The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises

3

Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Commentary

Wells Fargo’s CEO Just Showed Us How to Handle an Elizabeth Warren Attack

By
Paul Pendergrass
Paul Pendergrass
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
By
Paul Pendergrass
Paul Pendergrass
and
Bethany Cianciolo
Bethany Cianciolo
Down Arrow Button Icon
October 4, 2017, 11:10 AM ET

Call it a double feature. While most Congressional hearings on business matters attract little attention, Tuesday’s proceedings on Capitol Hill included high-profile interrogations of the bosses of two of the corporate world’s current biggest villains: newly retired Equifax CEO Richard Smith and Wells Fargo CEO Timothy Sloan.

Putting corporate bosses in the hot seat often makes for good drama, but ultimately has little actual impact. The lawmakers seethe away for video clips that go viral, and the chastened bosses endure the best they can.

The wisest CEOs understand that you don’t win a Congressional hearing; you survive. And if you want to survive, there are three things you must do:

Pre-empt

Both Equifax (EFX) and Wells Fargo (WFC) released their opening statements the day before, ensuring a wave of media coverage of their key points. They did so knowing that their points would get completely lost in the next day’s coverage of the hearings, overwhelmed by the newsier zingers the lawmakers would undoubtedly deliver.

For instance, Rep. Greg Walden (R-Ore.) told Smith, “I don’t think we can pass a law that fixes stupid.” Hard to compete with that.

Follow the formula

Both executives used their opening testimony to follow a time-tested formula that goes something like this: Say you’re sorry and accept responsibility. Explain what happened. Explain how you’re fixing the problem. Call for broader measures across the industry. Say you’re sorry again.

Both statements followed the formula so closely that some sections sounded like they were generated by the same contrition-generation app.

Smith: “Let me say clearly: As CEO I was ultimately responsible for what happened on my watch. Equifax was entrusted with Americans’ private data and we let them down. To each and every person affected by this breach, I am deeply sorry that this occurred.”

Sloan: “So let me be very clear about this: I am deeply sorry for letting down our customers and team members. I apologize for the damage done to all the people who work and bank at this important American institution.

Using the opening statement formula will not spare you the grilling, but it’s the only place where you can lay out a coherent case, serving as the basic narrative for all of your other communications.

Get your head right

Most CEOs are used to being fawned over. So, suddenly being treated like a piñata can be truly jarring, provoking either pique or disorientation. For instance, Sloan’s predecessor John Stumpf seemed so rattled by the committee’s severity that he struggled to answer even the simplest of questions without tentatively parroting bland talking points.

But Sloan displayed the appropriate mixture of seriousness and respectfulness required to minimize the drama and pain of the public flogging.

His ego was surely put to the test when grilling expert Sen. Elizabeth Warren (D-Mass.) told him that he should be fired, telling the banker, “At best you were incompetent, at worst you were complicit.”

 

Sloan, who undoubtedly had never heard words quite like that during his three-decade climb up the Wells Fargo ladder, stood up for himself and made his case for continued employment. But, importantly, he never lost his humble tone as he rattled off a series of corrective actions he has taken since his predecessor’s resignation a year ago: “I have made mistakes, I certainly haven’t been perfect, but I think having that knowledge of the company, having the ability to make the change, the actions that I’ve taken since I’ve become CEO 11 months ago, have made fundamental change at this company.”

His counter-argument likely persuaded nobody. But at least he didn’t provide a snotty retort or meltdown moment that would have dominated the coverage. After all, the goal is not to win a Congressional hearing, but instead simply survive.

Paul Pendergrass is a communications advisor who writes about business and communication.

About the Authors
By Paul Pendergrass
See full bioRight Arrow Button Icon
By Bethany Cianciolo
See full bioRight Arrow Button Icon

Latest in Commentary

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Commentary

trader
CommentarySoftware
The 50-year-old law that governed every software company just broke. Here’s what replaces it
By Martin Casado and Abhishek NagarajMay 20, 2026
5 hours ago
FJ Campbell, MD, is chief medical officer at Ardent Health.
CommentaryHealth
A doctor shortage is coming. AI could be the only realistic fix
By FJ CampbellMay 20, 2026
7 hours ago
trump
CommentaryCongress
Milken-Harris Poll: 80% of Americans want AI workforce programs now — and Washington hasn’t delivered
By Karen Kornbluh and Libby RodneyMay 20, 2026
7 hours ago
‘Change the World’ idealism is dying in Silicon Valley. We’ll miss it when it’s gone
CommentarySilicon Valley
‘Change the World’ idealism is dying in Silicon Valley. We’ll miss it when it’s gone
By Jonathan WeberMay 19, 2026
1 day ago
reorgs
CommentaryRestructuring
We found the real reason 70% of transformations fail
By Julia Dhar, Kristy R. Ellmer and Philip JamesonMay 19, 2026
1 day ago
joel
Commentarysaas
The SaaSpocalypse isn’t killing software. It’s exposing where software value really lives
By Joel HronMay 19, 2026
1 day ago

Most Popular

Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
Workplace Culture
Bolt CEO says he let go of his entire HR team for creating problems that didn’t exist: ‘Those problems disappeared when I let them go’ 
By Preston ForeMay 19, 2026
20 hours ago
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
Politics
The Bezos family just donated $100 million to help achieve one of Mayor Zohran Mamdani’s top campaign promises
By Jake AngeloMay 12, 2026
8 days ago
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
Future of Work
Meet a 21-year-old community college student who's going to China as the first American woman welder in the trades Olympics
By Mike Householder and The Associated PressMay 17, 2026
3 days ago
Current price of oil as of May 19, 2026
Personal Finance
Current price of oil as of May 19, 2026
By Joseph HostetlerMay 19, 2026
1 day ago
Spirit Airlines apologizes to all the Americans who can't afford any summer vacation flights as it shuts down
Travel & Leisure
Spirit Airlines apologizes to all the Americans who can't afford any summer vacation flights as it shuts down
By Rio Yamat and The Associated PressMay 18, 2026
2 days ago
Employers are quietly pausing 401(k) matches again. The last time this happened was the 2008 recession and Covid
Personal Finance
Employers are quietly pausing 401(k) matches again. The last time this happened was the 2008 recession and Covid
By Courtney Vinopal and HR BrewMay 18, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.