Wells Fargo: CEO Outlines Change in Approach to Prevent Future Wrongdoing
Wells Fargo CEO, Tim Sloan, has confirmed that the bank is committed to addressing past issues and preventing further problems in future.
In a written testimony to the House Financial Services Committee, released in early March, Sloan highlighted steps that had been taken to reform its corporate culture, including the removal of aggressive sales goals and the implementation of a “performance evaluation system”.
“We have gone above and beyond what is required in disclosing these issues in our public filings, we have worked to remedy these issues, and, most importantly, we have worked to address root causes that allowed them to occur in the first place,” Sloan said. “As a result, Wells Fargo is a better bank than it was three years ago, and we are working every day to become even better.”
The bank is facing fresh claims, however, that its employees are under pressure to squeeze money from customers, despite recent admissions that thousands of employees opened fake bank accounts in order to meet unrealistic sales goals.