The banking group's chief executive was questioned by US lawmakers about what it has done to put its affairs in order after a number of recent failings.

The chief executive of Wells Fargo yesterday said that the California-based lender has been radically transformed since a number of scandals broke out that led to billions of dollars in penalties and fines, according news reports.

Tim Sloan spoke to lawmakers about how the bank, one of the largest US financial institutions, had battled back from a slew of problems. 

The CEO was grilled by Republicans and Democrats who cast doubt on his claim that the bank had reformed since being caught opening fraudulent accounts and overcharging for mortgage and auto loans.

They also pressed Sloan to account for a recent report that unethical practices persist with the bank's debt collection and mortgage origination. He was testifying to the House Financial Services Committee.

In his opening remarks, Sloan said that his company has done away with high-pressure product sales targets that encouraged workers to open unauthorized accounts. The bank has also shaken up its board of directors and improved wages and benefits for its workers, Sloan said. He thanked lawmakers for letting him discuss "the progress we are making as we work to become the most customer-focused, efficient and innovative Wells Fargo ever”, according to a report by NPR and other news outlets.

The Consumer Financial Protection Bureau ordered Wells Fargo to pay $185 million in penalties and fines in 2016 for creating those unwanted accounts. In another case, last year, the CFPB imposed a $1 billion fine against Wells Fargo for overcharging customers for mortgages and auto loans.