Wells Fargo & Co. Chief Executive Tim Sloan, who replaced John Stumpf in the wake of the lender’s consumer fraud scandal, outlined his vision to repair the bank’s brand and customer relationships, MorningConsult.com reported today. In a speech to employees in Charlotte, N.C., where the San Francisco-based bank has a large foothold, Sloan acknowledged that the company’s sales goals “sometimes resulted in behaviors and practices that did not serve our customers’ or our team members’ interests.” He also said executives failed to address problems or catch them early enough. Echoing a point from Stumpf’s congressional testimony, Sloan, who previously served as chief operating officer, maintained that “the vast majority of our colleagues — tellers, platform and phone bankers and branch managers — did the right thing, and do the right thing every day on behalf of our customers and company.” He also discussed the failures of the bank’s top echelon to root out the fraud.
