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Boss Files with Poppy Harlow

Wells Fargo CEO: Tim Sloan

Boss Files with Poppy Harlow

CNN

Business, Entrepreneurship

4.6538 Ratings

🗓️ 19 April 2017

⏱️ 45 minutes

🧾️ Download transcript

Summary

Wells Fargo CEO Tim Sloan addresses the fraudulent account scandal, calling it "completely unacceptable," explains his efforts to change the culture, and talks about his promise to the bank's biggest shareholder -- Warren Buffett. Produced by Haley Draznin, CNN.To learn more about how CNN protects listener privacy, visit cnn.com/privacy Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

In this episode of Boss Files, an exclusive interview with Wells Fargo CEO Tim Sloan.

0:06.5

In the wake of the fraudulent account scandal, he calls the bank's actions completely unacceptable and inappropriate

0:13.1

and tells me he bears some responsibility for what happened.

0:17.7

Sloan bows to change the culture at the bank and tells me about his conversation with

0:23.0

Wells Fargo's biggest shareholder, Warren Buffett. How will Tim Sloan lead Wells Fargo forward?

0:30.2

Here's our exclusive interview.

0:33.3

Tim Sloan, thank you for being here. Oh, it's great to be here, Poppy. Thank you for inviting me.

0:37.2

I appreciate it. You have a big, Poppy. Thank you for inviting me. I appreciate it.

0:38.3

You have a big job ahead.

0:39.3

It is rebuilding Consumer Trust in Wells Fargo, an iconic American company.

0:45.3

So let's begin here.

0:47.3

In the wake of the fake account scandal, 2 million, at least unauthorized accounts opened,

0:53.3

ultimately costing some 5,300 employees their

0:56.9

job. How do you think America sees Wells Fargo today? Oh, I think there's a question about

1:03.2

the company, which is completely understandable. But that's why we're very focused on rebuilding

1:09.9

trust, rebuilding trust with our customers,

1:12.6

our team members, the communities that we do business in.

1:16.6

We've made a lot of changes in the last six months that I've been CEO.

1:20.6

We've got more work to do, but we're very focused on rebuilding trust.

1:24.6

So when you look at it from the 30,000 foot view that you have as CEO, the man

1:29.0

charged with doing this, how much damage do you think has been done to the iconic Wells Fargo brand?

1:34.9

Well, we just celebrated a 165th birthday, and I think that puts the impact in perspective. We've

...

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