“The more we peel back the onion, the worse it gets. Today’s startling revelations are part of a pattern at Wells Fargo: just when it seems a scandal is fading away, another shoe drops. It’s become almost predictable – and it leaves shareowners and the American public wondering if there are bombshells that have yet to be disclosed. When will this scandal end? How many more skeletons are there? How long must we wait for the full truth?

“This news confirms what we’ve long known: for over a decade, Wells Fargo put short-term profits ahead of ethics and long-term value. Millions of everyday Americans were defrauded. Billions of dollars of shareowner value were lost. And investors like the New York City Pension Funds paid the price.

“We’ve been calling for reform — and while the completion of this review is a positive step, we won’t stop. At the end of the day, this is a failure of Board leadership, and this news highlights why further change and accountability are sorely needed. Today’s revelations underscore the importance of dramatic change at Wells Fargo and the urgency behind continuing to fix this company’s deeply broken culture.”

 

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