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EXCLUSIVE FEATURE
"I am deeply sorry that we failed to fulfill our responsibility to our
customers, to our team members, and to the American public," said
John Stumpf, Wells Fargo's Chairman and CEO, on September
20th in a prepared statement to the Senate Banking Committee. "I
want to apologize for violating the trust our customers have invested
in Wells Fargo. And I want to apologize for not doing more sooner
to address the causes of this unacceptable activity."
Earlier that month, the Consumer Financial
Protection Bureau (CFPB), the Office of the
Comptroller of the Currency (OCC), and the
Los Angeles City Attorney's Office fined Wells
Fargo a combined total of $185 million for
opening approximately 2 million unauthorized
accounts without consumers' knowledge.
During his testimony, Stumpf did not
attempt to pass the buck. But the overwhelming
wave of criticism from the public to politicians
seemed to wash away Stumpf 's sincere apologies.
On October 12, Stumpf abruptly announced
his retirement from Wells Fargo and made the
following statement:
"I am grateful for the opportunity to have
led Wells Fargo. I am also very optimistic about
its future, because of our talented and caring
team members and the goodwill the stagecoach
continues to enjoy with tens of millions of
customers. While I have been deeply committed
and focused on managing the Company through
this period, I have decided it is best for the
Company that I step aside."
Enter Timothy J. Sloan. Taking on the role
of President and CEO, the 29-year corporate
veteran is seen by many as the right choice to restore
lost confidence in the 160-year-old staple of the
financial industry.
C O V E R S T O R Y / K E N D A L L B A E R
An Exclusive Interview with Incoming
CEO Tim Sloan on Rebuilding Trust and
The Future of Wells Fargo
RESHAPING A CULTURE
