Editor's note: A Spanish-language version of this story is also available.
In a new message to customers, CEO and President Tim Sloan apologized for improper sales practices in the company’s retail bank and other mistakes, and emphasized the ways Wells Fargo is transforming to fix what went wrong.
Sloan noted that the bank has been compensating customers, rehiring team members, holding senior leaders accountable, and improving business practices and risk management.
“There is simply no excuse for what happened. We failed you and betrayed your trust,” Sloan said. “While there is more to do, my personal pledge is simple: we will never again lose sight of what is most important — you, our customer.”
An interactive timeline provides a summary of the series of steps the company has taken to make things right since September 2016.