Inside Wells Fargo’s plan to restore trust
Back in January, Wells Fargo issued a comprehensive Business Standards Report, “Learning from the past, transforming the future.”
The document details the many changes the banking giant has made to address causes of past issues and provides updates on the company’s businesses, practices, and progress.
“Following Wells Fargo’s September 2016 regulatory settlements related to retail banking sales practices, we made our top priority the restoration of the trust we lost,” the report says. “We began with self-reflection—reviewing what happened so we could fully understand where things broke down, learn from our mistakes, make things right for customers who were harmed, and begin to rebuild trust. The report addresses actions Wells Fargo has taken—and continues to take—to improve its culture, revamp its organizational structure, and strengthen risk management and controls.”