The board report and executive compensation clawbacks aren't the end of the story on the accounting scandal for Wells Fargo, its CEO told CNBC on Monday.
Wells Fargo (NYSE: WFC) announced Monday it was taking back $75 million from former CEO John Stumpf and ex-community bank unit head Carrie Tolstedt because of the bank's cross-selling practices that resulted in 2 million fake accounts being created.
"We have much more work to do in terms of rebuilding trust with all of our stakeholders and making things right with our customers," CEO Timothy Sloan said in an interview with " Closing Bell ."
"I don't think this is a chapter that is over with."
Sloan took over as CEO in 2016 after his predecessor, Stumpf, resigned in the wake of the scandal.
The clawbacks announced on Monday came after a six-month investigation by Wells Fargo's independent directors.
The board review indicated that Stumpf acknowledged that he made significant mistakes and helped create a culture at the bank that resulted in abuses, including the creation of fake consumer accounts.
Sloan said the board did a very comprehensive report, but acknowledged there are still activities ongoing in the Justice Department and other government agencies. He said the bank is still continuing to work with regulators.
Sloan also thinks, looking back, he could have or should have done things differently once the issues made their way to the corporate leadership level.
"The steps that we were taking were having a positive impact, but again in hindsight we should have moved faster," Sloan said. "I wish we would have ended the incentive compensation plan that we had in our community bank. We've done that and now it's about moving forward."
— CNBC's Wilfred Frost contributed to this report.
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