SAN FRANCISCO--(BUSINESS WIRE)--
Report reviews actions to address past issues, provides updates on the company’s priorities and progress
Wells Fargo & Company (WFC) today issued a Business Standards Report as part of its commitment to transparency while it works to rebuild trust with stakeholders and transform the company. The comprehensive report, titled “Learning from the past, transforming for the future,” details the many changes Wells Fargo has made since 2016 to address causes of past issues and provides updates on the company’s businesses, practices, and progress on its six goals.
“This report represents an important milestone in our work to rebuild trust with our stakeholders and our commitment to build a better company,” said Wells Fargo CEO and President Tim Sloan. “While we have more work to do, we are making progress in our work to build the most customer-focused, efficient, and innovative Wells Fargo ever.”
The report addresses actions Wells Fargo has taken — and continues to take — to improve its culture, make things right for customers who were harmed, revamp its organizational structure, and strengthen risk management and controls. In addition, the report reflects Wells Fargo’s progress on its goals to be the financial services leader in customer service and advice, team member engagement, innovation, risk management, corporate citizenship, and shareholder value. The report does not include disclosures of any new legal or regulatory matters.
As part of its commitment to transparency, Wells Fargo agreed to develop the Business Standards Report following a shareholder proposal from a group of shareholders led by the Interfaith Center on Corporate Responsibility. To create the report, Wells Fargo worked with more than 175 leaders and team members under the guidance of the Board of Directors and the company’s top-level Operating Committee.
“I am pleased with the transparency of this process, including the collaboration of team members across the company and engagement with key external stakeholders,” said Betsy Duke, chair of Wells Fargo’s Board of Directors. “We greatly appreciate and value the input we received from team members, the Interfaith Center on Corporate Responsibility, our external Stakeholder Advisory Council, and customers.”
The 103-page report is divided into chapters representing key focus areas for the company, including culture, company goals, leadership and corporate governance, risk management, and stakeholder relationships. Case studies throughout the report provide specific examples of business practices, including many that were informed by lessons learned from Wells Fargo’s recent past.
“Learning from the past, transforming for the future” is available online at https://www.wellsfargo.com/about/corporate/governance/business-standards-report/.
About Wells Fargo
Wells Fargo & Company (WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,800 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 37 countries and territories to support customers who conduct business in the global economy. With approximately 259,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories.