Wells Fargo CEO John Stumpf: I Accept Full Responsibility For Issues | CNBC — Transcript

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1. 0:00I accept full
2. 0:02responsibility for all unethical sales
3. 0:05practices in our retail banking business
4. 0:09and I am fully committed to fixing this
5. 0:12issue strengthening our culture and
6. 0:15taking the necessary actions to restore
7. 0:18our customers
8. 0:20trust and Senators let me tell you here
9. 0:24today the Wells Fargo board is actively
10. 0:27engaged in this issue
11. 0:30the board has the tools to hold Senior
12. 0:33Management accountable including me and
13. 0:37Carrie tolad the former head of our
14. 0:40retail banking
15. 0:42business any board actions taken with
16. 0:45our named executive officers will be
17. 0:48appropriately disclosed and I want to be
18. 0:51clear on this I will respect and accept
19. 0:55the decision of the
20. 0:58board under newly leadership we've
21. 1:01already began taking steps to ensure
22. 1:04that the sales culture in our retail
23. 1:06banking business is wholly aligned with
24. 1:10our customers
25. 1:11interests on September 13
26. 1:152016 we announced a major
27. 1:18decision that we will end product sales
28. 1:22goals for everyone in our retail banking
29. 1:25business because we want to make certain
30. 1:28that nothing gets in the way way of
31. 1:31doing what is right by our
32. 1:33customers the new leadership team's
33. 1:36primary
34. 1:37Mission will be to provide the best
35. 1:39possible service to our
36. 1:42customers I'm also announcing today
37. 1:46three new
38. 1:48initiatives that will reinforce our
39. 1:50commitment to our
40. 1:52customers first we're expanding the
41. 1:55scope over our account review and
42. 1:58Remediation to include both both 2009
43. 2:01and
44. 2:032010 second we will be contacting every
45. 2:07single one of our deposit customers
46. 2:09across the country using the same
47. 2:13process that we agreed to with the city
48. 2:16of Los Angeles for our California
49. 2:19customers and third we have begun
50. 2:23contacting hundreds of thousands of our
51. 2:26customers with open credit cards
52. 2:29including those for whom we've already
53. 2:32refunded fees to confirm whether they
54. 2:35need or want their credit
55. 2:38card in addition we've recently started
56. 2:40sending customers a confirmation email
57. 2:44with one with one hour within one hour
58. 2:47of opening any new deposit account and
59. 2:51an acknowledgement letter before
60. 2:53submitting a credit card
61. 2:56application we recognize now that we
62. 3:00should have done more sooner to
63. 3:02eliminate unethical conduct or
64. 3:06incentives that may have unintentionally
65. 3:08encourage that
66. 3:10conduct hey CNBC fans thanks for
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