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 training strategies were implemented for team members?

What was the company's stance on sales goals in relation to ethical practices?