New Wells Fargo (WFC) CEO Tim Sloan Is “Sorry” For this

In a company-wide speech in North Carolina on Tuesday, Wells Fargo’s new CEO Tim Sloan told employees that he is “sorry for the pain” that they endured during the bank’s sales practices scandal.

Faced with impossible sales goals, Wells Fargo employees had opened as many as 2 million bank and credit card accounts without customers’ authorization. Around 5,300 employees were fired as a result in the company’s biggest scandal in its 164-year history.

Previous CEO John Stumpf abruptly retired admist the scandal that has the bank facing several class-action lawsuits, as well as criminal investigations by the Department of Justice and the California Attorney General’s Office. Stumpf was even made to give up $41 million in stock awards.

Sloan stated, “Many felt we blamed our team members. That one still hurts, and I am committed to rectifying it.”

Disclaimer: We have no position in Wells Fargo & Co (NYSE: WFC) and have not been compensated for this article.