Stumpf: No Excuse for Not Connecting Dots Earlier

The transcript discusses issues related to compensation, regulatory consultation, and management's delayed response to customer issues at a financial institution. It highlights the lack of proactive measures by management despite regulatory pressure and media coverage. The discussion also covers the handling of unfunded accounts and the eventual realization of the need for customer reimbursement. The conversation underscores the importance of timely and effective management actions in response to regulatory and customer concerns.

What was the role of regulators in addressing customer fee issues?

• They directed the company to act.

• They were not involved at all.

• They consulted with the company.

• They opposed any action.

What realization did management have in early 2015 regarding unfunded accounts?

• They could incur fees.

• They were profitable.

• They were ignored by the system.

• They were automatically closed.

How many employees were fired in 2011?

• 2000

• 1500

• 1000

• 500

What was the peak year for employee firings?

• 2014

• 2012

• 2013

• 2011

When did management finally take action to address the issues?

• 2015

• 2017

• 2011

• 2013