Wells Fargo CEO John Stumpf: 'I Am Deeply Sorry'

The transcript discusses the elimination of retail bank product sales goals to solve issues in retail banking. It highlights a missed area where customers were charged fees for unauthorized accounts. In 2015, a collaboration with PwC led to a large-scale analysis of accounts, identifying potential unauthorized accounts and refunding fees. The company emphasizes its commitment to customer satisfaction and responsibility, acknowledging past mistakes and promising to uphold its values.

What was the initial step taken to address problems in the retail banking business?

• Increasing sales goals

• Reducing customer fees

• Hiring more staff

• Eliminating product sales goals

What assumption was made about deposit accounts that led to an oversight?

• They would always incur fees

• They would be automatically closed if unused

• They would generate high interest

• They would require customer authorization

Which firm was engaged to conduct a large-scale data analysis of accounts?

• Ernst & Young

• Pricewaterhouse Coopers

• KPMG

• Deloitte

Approximately how many deposit accounts were identified as potentially unauthorized?

• 2 million

• 500,000

• 1.5 million

• 3 million

What is the company's stance on unauthorized accounts?

• Even one is too many

• They are a minor issue

• They are acceptable if fees are refunded

• They are inevitable