Wells Fargo publishes open letter to customers; seeks to rebuild trust

Source: Wells Fargo

Wells Fargo & Company (WFC) announced today that CEO Tim Sloan published an open letter to its customers to thank them for their loyalty and to share progress following the company’s September 2016 consent orders and legal settlements regarding retail sales practices.

“As we work toward rebuilding the trust of our customers, team members, community partners, and shareholders, we are committed to keeping our stakeholders informed,” Sloan said. “This is why we are not only thanking them, but also sharing the significant progress we have made to make things right, fix problems, and build a better Wells Fargo, recognizing much work remains that we are committed to do.”

The letter, which is being advertised in newspapers and digital outlets in more than 30 markets across the country where Wells Fargo serves communities, summarizes company progress such as changes in its senior leadership, executive accountability actions, refund efforts for customers impacted by unwanted retail accounts, the elimination of product sales goals for retail bankers, and steps taken to strengthen the company’s culture and risk management.

The open letter is available to view at wellsfargo.com/commitment and wellsfargo.com/stories.

The letter precedes a new Wells Fargo brand campaign, “Building better every day,” that is set to debut April 17. The campaign will highlight the many parts of Wells Fargo -products, services, and people - that reflect the company’s commitment to continuous improvement and innovation that is aimed at building a better Wells Fargo.

In September 2016, Wells Fargo announced settlements with the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, and the Office of the Los Angeles City Attorney over the opening of unauthorized accounts and services for some of its customers.

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