The Atlantic

Can Wells Fargo Ever Make Amends?

The company is on an apology tour, but it will have to work on its problems even after the spotlight wanes.
Source: Chuck Barton / AP

Wells Fargo wants the American public to know that it’s really sorry. After the bank’s leadership for years managed to miss the fact that its salespeople were opening up fake accounts in order to hit monthly sales goals, the bank has embarked on an apology tour of sorts, which includes greater transparency about how it plans to make it up to the customers it defrauded. The bank’s new CEO, Tim Sloan, recently thanked customers for their loyalty, apologized for the scandal, and promised to work toward building a better bank in the future.

But will any of Wells Fargo’s public-facing mea culpas ultimately do anything to prevent similar failures in the future?

So far, Wells Fargo has been fined around $185 million by the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency (OCC), and

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