CEO John Stumpf says: ‘ There was no incentive to do bad things’
But Stumpf, in an interview with The Wall Street Journal, wouldn’t comment on who was ultimately responsible for the practices and sales-driven culture that led employees to open as many as two million accounts without customers’ knowledge.Stumpf said that at the bank, “There was no incentive to do bad things.”
Rather, Stumpf appeared to lay blame for the problems with the employees involved than with any flaw in Wells Fargo’s (WFC) ystems or culture. He said that some employees won’t “honor” the bank’s culture and that the bank had changed its sales goals to put in more discipline and to take “more risk off the table.”
“I wish it would be zero but if they’re not going to do the thing that we ask them to do — put customers first, honor our vision and values — I don’t want them here,” he said. “I really don’t.”
An expanded version of this article appears at WSJ.com (http://www.wsj.com/articles/wells-fargo-ceo-defends-bank-culture-lays-blame-with-bad-employees-1473784452?mod=mktw).