CEO points to an "important sign of progress"
Wells Fargo, a financial services company, has confirmed that the Office of the Comptroller of the Currency (OCC) has terminated a consent order that it issued in 2016.
The consent order revolved around sales practices misconduct and required the firm to change how it offered and sold its products and services to its customers. It also required additional actions in order to ensure that customers and employees were protected.
“I have repeatedly said that implementing a risk and control framework appropriate for a bank of our size and complexity is our top priority, and closing consent orders is an important sign of our progress,” said Charlie Scharf, the CEO of Wells Fargo.
Scharf said this marked the sixth consent order that the regulators have terminated since 2019, which was when he joined the company.
“Confirmation from the OCC that we have effectively implemented what was required is a result of the hard work of so many of our employees, and I’d like to thank everyone at Wells Fargo involved for their dedication to transforming how we do business,” said Scharf.
“We are a stronger, better Wells Fargo for our customers and communities, and we will not lose sight of the remaining work to do. Our risk and control work remains our top priority.”
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