Wells Fargo CEO John Stumpf: Deeply Sorry We Failed To Serve Customers | CNBC — Transcript

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1. 0:00I am deeply sorry that we failed to
2. 0:03fulfill on our responsibility to our
3. 0:06customers to our team members and to the
4. 0:09American
5. 0:11public I've been through many challenges
6. 0:14as Wells Fargo but none of which pains
7. 0:17me more than the one we will discuss
8. 0:20this
9. 0:21morning wrongful sales practice behavior
10. 0:26in our retail banking business goes
11. 0:29against every everything regarding our
12. 0:31core principles our ethics and our
13. 0:35culture it runs counter to our vision of
14. 0:39helping our customers s succeed
15. 0:41financially and it is not representative
16. 0:45of Wells Fargo as an
17. 0:47institution I'm here to discuss the
18. 0:50situation today tell you about the
19. 0:52actions we have taken and our commitment
20. 0:55on how to move
21. 0:57forward our entire culture culture is
22. 1:00centered on serving our customers and in
23. 1:03this case we let our customers
24. 1:07down our retail banking practice issues
25. 1:11is sales issues are not a reflection of
26. 1:15our hardworking and talented team
27. 1:17members who deserve thanks for helping
28. 1:19our customers with their financial
29. 1:22needs I want to make very clear that we
30. 1:26never directed nor wanted our team
31. 1:29members to provide products and services
32. 1:31to customers that they did not want that
33. 1:35is not good for our customers and that
34. 1:38is not good for our
35. 1:40business it is against everything we
36. 1:42stand for as a
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