Enlarge / WASHINGTON, DC – SEPTEMBER 20: John Stumpf, chairman and CEO of the Wells Fargo & Company, testifies before the Senate Banking, Housing and Urban Affairs Committee September 20, 2016 in Washington, DC. The committee heard testimony on the topic of “An Examination of Wells Fargo’s Unauthorized Accounts and the Regulatory Response.” (Photo by Win McNamee/Getty Images) (credit: Getty Images)

“I am deeply sorry that we failed to fulfill our responsibility to our customers, to our team members, and to the American public,” Wells Fargo CEO John Stumpf told the Senate Banking Committee on Tuesday. Stumpf was being taken to task by the committee over news earlier this month that employees of the bank had opened 2 million unauthorized bank accounts using customers’ names from 2011 onward.

The bank CEO stopped short of placing blame on any senior executives, however, claiming that there was “no orchestrated effort” to get employees to create phony accounts.

When the Consumer Financial Protection Bureau (CFPB) announced its $100 million fine of the company on September 8, Wells Fargo said that it had fired 5,300 employees for misconduct and hired a third-party consulting firm to examine the extent of the problem at the recommendation of regulators. The CFPB said that employees opened 1.5 million debit accounts and more than 500,000 credit card accounts, fraudulently using customers names in order to meet Wells Fargo’s aggressive cross-selling quotas. In some cases, employees temporarily moved money from a customer’s legitimate account to an illegitimate one, prompting overdraft and minimum balance fees. Wells Fargo said it would pay $2.6 million in refunds to affected customers.