Wells Fargo CEO John Stumpf apologized to customers for more than 2 million fake accounts opened in their names, but denied any orchestrated fraud by bank management.

In testimony to the Senate Banking Committee Tuesday, Stumpf also said the bank plans to expand the internal review of accounts and refund process by two years, starting in 2009 now.

He addressed the outrage over Carrie Tolstedt, the head of the division where the fake accounts were created who is set to walk away with $124 million in stocks and options, when she retires later this year. Stump indicated Tolstedt was pushed out after the bank determined she "did not do enough" to fix issues in the retail bank. Read More