Editor’s note: With the April 10, 2017, release of the findings of the Wells Fargo Board of Directors’ independent investigation, Stephen Sanger, chairman of the Board, sent the following companywide message.
Today, the Wells Fargo Board of Directors released the findings of our independent investigation into retail banking sales practices and related matters. You can read the 110-page report on wellsfargo.com.
Working with the law firm Shearman & Sterling, the Board has been conducting a comprehensive investigation since last September. We are confident that we have identified the root causes of the improper practices that occurred, as well as the people responsible for them, and we have taken appropriate actions. The investigation has only reinforced the Board’s full confidence in CEO Tim Sloan and the rest of the company’s leadership team. We believe the company has a strong foundation to serve our customers and earn back the trust of all of our key stakeholders.
“We are confident that we have identified the root causes.”
Since the investigation began, the Board has strengthened its oversight and governance by making important changes to its structure and by adding new directors. We have also worked to create a sharper focus on team member culture, our EthicsLine reports, and consumer complaints. The Board has made changes to the company’s leadership team as well and, even though the investigation found no wrongdoing among the current members of the company’s Operating Committee, we did not pay 2016 bonuses to those in place before last November in order to enforce senior management accountability. The Board does not contemplate any other compensation or employment actions as a result of this investigation.
“The Board does not contemplate any other compensation or employment actions as a result of this investigation.”
While this investigation may be over, the Board and leadership team remain hard at work to restore the trust you, our customers, and our communities place in Wells Fargo. We’ve made good progress, but just as it takes time to establish trust, it also takes time to restore that trust once it has been compromised.
Recent months have been a testing time for Wells Fargo. The Board and leadership team are determined to use this challenging time to make Wells Fargo stronger. We ask you to join with us in accomplishing this. We value your hard work and commitment to the company and to our customers, and we pledge to work tirelessly to restore Wells Fargo’s reputation and ensure that the company meets the highest standards of integrity, professionalism, and customer service.