Report reviews actions to address past issues, provides updates on the company’s priorities and progress
SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: 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 (NYSE: 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.
