Wells Fargo Responds to OCC Actions Regarding Former Employees
January 23 2020 - 1:55PM
Business Wire
In response to actions announced today by the Office of the
Comptroller of the Currency, Wells Fargo & Company CEO and
President Charlie Scharf issued the following message to all
employees:
Dear Colleagues,
Today the Office of the Comptroller of the Currency announced a
series of actions against former employees regarding their behavior
around the historical Community Banking sales practices. In
addition, the OCC provided a detailed account of business practices
and management responses based on its extensive investigation.
The OCC’s actions are consistent with my belief that we should
hold ourselves and individuals accountable. They also are
consistent with our belief that significant parts of the operating
model of our Community Bank were flawed. At the time of the sales
practices issues, the Company did not have in place the appropriate
people, structure, processes, controls, or culture to prevent the
inappropriate conduct.
This was inexcusable. Our customers and you all deserved more
from the leadership of this Company.
We are reviewing today’s filings and will determine what, if
any, further action by the Company is appropriate with respect to
any of the named individuals. Wells Fargo will not make any
remaining compensation payments that may be owed to these
individuals while we review the filings.
Over the past three years, the Company has made fundamental
changes to its business model, compensation programs, leadership,
and governance. We are committing all necessary resources to ensure
that we operate with the strongest business practices and controls,
maintain the highest level of integrity, and have in place the
appropriate culture. The Company is different today, but we know we
still have significant work to do to regain the trust of all
stakeholders.
I know these things that have occurred in the past have made
many of your jobs more difficult.
We must all dedicate ourselves to ensuring that such failings
never again occur at Wells Fargo.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified,
community-based financial services company with $1.9 trillion in
assets. Wells Fargo’s vision is to satisfy our customers’ financial
needs and help them succeed financially. Founded in 1852 and
headquartered in San Francisco, Wells Fargo provides banking,
investment and mortgage products and services, as well as consumer
and commercial finance, through 7,400 locations, more than 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 32 countries and territories to support customers who
conduct business in the global economy. With approximately 260,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company was ranked No. 29 on
Fortune’s 2019 rankings of America’s largest corporations. News,
insights and perspectives from Wells Fargo are also available at
Wells Fargo Stories.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200123005741/en/
Media Arati Randolph, 704-383-6996
Arati.randolph1@wellsfargo.com Jennifer Langan, 213-598-1490
Jennifer.L.Langan@wellsfargo.com
Investor Relations John Campbell, 415-396-0523
john.m.campbell@wellsfargo.com
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wells Fargo (NYSE:WFC)
Historical Stock Chart
From Sep 2023 to Sep 2024