In today’s mailbag:
To our valued customers,
You may have seen news recently that some Wells Fargo customers received products and services that they did not want or need.
Every day we strive to get things right. In this instance we did not – and that is simply not acceptable.
So we are making it right.
The first step we’ve taken is to fully reimburse any customers who were affected by these actions.
We have been making some changes to how we do business over the last several years to ensure we are always aligned with our customers’ interests. To that end, the second change is to ensure Team Members in our Retail Bank are compensated on what matters most: delivering great experiences and ensuring positive outcomes – not on product sales. For more details on this, go to wellsfargo.com/commitment.
Last week’s news did not reflect Wells Fargo at its best. Your trust and confidence in us is something we hold near and dear. I know I speak for our 268,000 dedicated Team Members when I thank you for giving us the opportunity to continue serving you and supporting your financial future.
Sincerely,
John Stumpf
Chairman and CEO, Wells Fargo Bank
Further reading:
- March 2015: Unions Try to Get Between Banks and Their Customers An international labor group brings its campaign to curb sales quotas to the U.S.
- September 2016: Wells Fargo Fined $185 Million for Opening Phony Customer Accounts, Charging Fees Without Consent; Executives Go Scot Free
- Time to unionize customer-facing bankers
