New Wells Fargo CEO Begins Mea Culpa Parade With Employees

Dozens of former and current Wells Fargo employees have shared their nightmarish experiences — health issues, threats of termination — involving the bank’s fake account fiasco. So aside from affected customers — who may or may not be leaving the bank — it makes sense that the new CEO of the company would apologize to workers. 

And that’s just what Tim Sloan, who took over the helm at the company after John Stump “retired” earlier this month, did on Tuesday in North Carolina, the Charlotte Observer reports.

In his first live appearance in front of employees, which was broadcast internally to all Wells Fargo workers, Sloan said that he was “sorry for the pain you have experienced as team members as a result of our company’s failures.”

Moving past the scandal will take time, Sloan said, noting that employees will need to “demonstrate perseverance” and be “patient and strong.”

“I think it all begins with understanding where things broke down, and where we failed – as a culture, a company and as leaders,” Sloan said “And, honestly, we are still on the journey of figuring all of that out.”

To that end, Sloan said the company would use outside independent culture experts to help the company understand where it can improve, and have an independent consultant review sales practices and “customer harm.”

“My primary objective is to restore trust in Wells Fargo – restore pride in our company and mission,” Sloan said. “That may seem like a long ways off today, but I promise you we will.”

Sloan went on to ensure employees while things “went wrong” and “problems need to be fixed,” that the outcome of the recent fake account fiasco will make the company and its workers “better and stronger.”

Although employees may feel the company let them down, Sloan says they “need to come together, as one team and one company.”

“Wells Fargo’s great reputation has been an enormous asset for all of us and it will take all of us to restore it,” he said.

Wells Fargo CEO apologizes to employees in Charlotte for scandal [Charlotte Observer]