Bove wrote, “The turnaround of Wells Fargo is likely to take a minimum of three to five years. Wells Fargo CEO Charlie Scharf publicly addressed the settlement in a statement, “The conduct at the core of today's settlements-and the past culture that gave rise to it-are reprehensible and wholly inconsistent with the values on which Wells Fargo is built.” Scharf said, “Our customers, shareholders and employees deserved more from the leadership of this company.”ĭick Bove, a veteran Wall Street research analyst, believes that the bank faces a challenging future. The bank intends to cease sales goals for its products and services, change the company’s compensation structure, so that it's tied to the best interests of its customers, and strengthen oversight of the large organization. Wells Fargo claims that it has enacted measures with the goal of earning back the trust and confidence of its stakeholders, including clients, employees, investors and regulators. The OCC also barred former CEO Stumpf from ever working at a bank again and ordered that he pay $17.5 million for his role in the scandal.

Last month, the Office of the Comptroller of the Currency (OCC) charged former Wells Fargo executives for their roles in the sales scandal. Attorney Nick Hanna added, “Simply put, Wells Fargo traded its hard-earned reputation for short-term profits, and harmed untold numbers of customers along the way.” Attorney for the Western District of North Carolina, said, 'Today's announcement should serve as a stark reminder that no institution is too big, too powerful or too well-known to be held accountable and face enforcement action for its wrongdoings.'

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