Wells Fargo Customers Are as Loyal as Before Scandal, CFO Says

(Bloomberg) -- Wells Fargo & Co. says customers are accepting its apology.

Loyalty and satisfaction gauges have returned to levels reached before late 2016, when regulators fined the bank for setting up fake accounts for customers who didn’t ask for them, Chief Financial Officer John Shrewsberry said at a conference in New York on Wednesday.

Chief Executive Officer Tim Sloan told lawmakers in congressional testimony in October that he was “deeply sorry for letting down our customers and team members.” Since May, the bank has been running a nationwide ad campaign in which it accepts blame for losing its customers’ trust and sets out steps it’s taking to fix the problems.

“Our bigger challenge, and where we’ve been spending time and money, is telling the story of our fixing Wells Fargo to people who aren’t our customers,” Shrewsberry said, adding that the ad campaign “appears to be effective” at targeting new clients.

To contact the reporter on this story: William Mathis in New York at wmathis2@bloomberg.net

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Steve Dickson, Steven Crabill

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