Quotes About Wells Fargo

Wells Fargo's internal review only covers unauthorized accounts dating back to 2011. News reports and court documents suggest these problems might have existed long before then. The 2013 'Los Angeles Times' articles led to the L.A. city attorney's office investigation into Wells Fargo's sales practices.

I was involved with Wells Fargo Bank as a consultant in the late 1960s and early 1970s, when I suggested to them that they develop a product that has become known as index funds.

Imagine if Wells Fargo had adopted an agile approach to strategy: the company's top management would then have taken repeated instances of missed targets or false accounts as useful data to help it assess the efficacy of the original cross-selling strategy. This learning would then have triggered much-needed strategic adaptation.

They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.

A number of former Wells Fargo employees have described their work environment characterized by intense pressure to meet aggressive and unrealistic sales goals. In a 2010 letter to shareholders, Mr. Stumpf wrote that Wells Fargo's goal was eight products per customer because eight rhymed with great.

Investigating some of the largest subprime lenders - Wells Fargo, Countrywide, Ameriquest, Household Finance - I've seen how their terrible, toxic loans were closed by any means necessary and eventually packaged, sold as securities, and bet upon until they exploded and decimated our economy.

The cultural issues, I think, at Wells Fargo went very, very deep. They have to unwind these cultural issues.

It's an unwritten rule that when you move to California and you're an English person, you have to drive a convertible, and you have to bank with Wells Fargo because they have a stage coach on their bank card.

The constant drip drop of fraudulent activities coming out of Wells Fargo is absolutely outrageous.