Wells Fargo CEO John Stumpf: We Will Make It Right For Customers | CNBC — Transcript

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1. 0:00If you were presented with hardcore
2. 0:03evidence that Wells was engaged in some
3. 0:07of these practices, these illegal scams
4. 0:10prior to 2009, would you change your
5. 0:14mind about extending the review?
6. 0:18Thank you for that question. We have
7. 0:20agreed with our regulators to go back to
8. 0:222011. We voluntarily said last week that
9. 0:28we'll go back to 2010 and 2009. I've
10. 0:31told our team to leave no stone unturned
11. 0:35and if we find a situation where a
12. 0:37customer is harmed that goes back prior
13. 0:40to that, we will make it right for that
14. 0:43customer.
15. 0:44Thank you. Because I have the evidence
16. 0:46right here. And I'd like to submit to
17. 0:49the record a court case in Montana in
18. 0:53which six Wells Fargo employees were
19. 0:55fired. Among other things, ordering
20. 0:58debit cards for customers without their
21. 1:00permission, which is clearly illegal.
22. 1:03And according to the court documents,
23. 1:05these illegal sales go back to 2007.
24. 1:10Without objection.
25. 1:11So now we have evidence of illegal sale
26. 1:14practices going back to 2007. Will you
27. 1:18agree to extend the review period back
28. 1:22to 2007 to cover this evidence that we
29. 1:26are submitting today?
30. 1:28Again, Congresswoman, we're going to go
31. 1:29back to 2009 if we can find and we're
32. 1:32going to contact every customer,
33. 1:34but this is evidence that it went back
34. 1:36to 2007. My question is, and and we
35. 1:39thank you for going back to 2009. My
36. 1:41question is, we have clear evidence that
37. 1:44that it goes back to 2007. Will you live
38. 1:47up to your commitment of helping your
39. 1:48customers that were defrauded with clear
40. 1:51evidence back to 2007?
41. 1:53We will go back and if we find any
42. 1:55evidence of any customer that was harmed
43. 1:57to 2007 through our review through 2009,
44. 2:00we will take care of each customer.
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