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.
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.
It was what became something of a pattern in the first couple of years of the Clinton White House and maybe even longer, where information would drip, drip, drip, drip, drip out which would keep stories alive, alive, alive.
I am like a drop of water on a rock. After drip, drip, dripping in the same place, I begin to leave a mark, and I leave my mark in many people's hearts.
Everybody who was involved in that culture [Wells Fargo] should be held accountable.
I learn from all our major competitors, whether they're in or out of the U.S. Wells Fargo is very actively, very aggressively, and very successfully building its U.S. investment bank.
Wells Fargo behaves better than the average big bank. But nobody's perfect.
Americans who have travelled and who have English friends know we are not necessarily all baddies, but I think that seeing us being so incessantly nasty on screen has a drip, drip, drip effect on the rest of them.
It's an individual morality in values that matters in these companies [like Wells Fargo]. I mean, they ought to clean house. And they ought to figure out how to claw back all this money. That is a given. In terms of additional laws, there are reasonable approaches to this, but I'd have to see what they are. I'm not a federal lawmaker.
I've always felt there was something wrong with Wells Fargo's culture, for a very, very long time.
I don't know the extent to which they do business [ in Wells Fargo]. I just want to see how this thing continues to unfold and if they have a legitimately major change in their culture.
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.
Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.
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.
Of all human activities, education is the one most likely to give rise to cant, pomposity and fraudulent expertise.
There's a constant drip and trickle of life that goes into one's awareness really and consciousness of things.