Wells Fargo CEO: 'We Should Have Done More Sooner'

The transcript discusses issues at a company related to unauthorized accounts and bank fraud, starting as early as 2008. It highlights a 2011 consent order from the Federal Reserve concerning sales quotas and compensation schemes that encouraged unethical behavior. The speaker acknowledges the need for diligence in sales organizations and mentions controls like ethics lines. By 2013, the problem had grown, particularly in California. The company has been working on training strategies to address these issues. Despite these challenges, customer loyalty scores are high. The transcript also covers the failure to connect trends across the bank and the decision to remove sales goals to prevent further unethical practices.

What year did the company first become aware of the unethical practices according to the transcript?

• 2011

• 2008

• 2005

• 2013

What was the purpose of the consent order from the Federal Reserve in 2011?

• To reduce employee training

• To increase sales quotas

• To monitor sales quotas and compensation schemes

• To expand the company's operations

In which part of the country was the problem more prevalent by 2013?

• Florida

• California

• New York

• Texas

What was the company's strategy to ensure ethical behavior among employees?

• Reducing employee benefits

• Providing two weeks of classroom training

• Increasing sales targets

• Hiring more managers

What action did the company decide to take regarding sales goals?

• Increase them

• Ignore them

• Maintain them

• Remove them