I am deeply sorry that we failed to fulfill on our responsibility to our customers, to our team members, and to the American public. I've been through many challenges as Wells Fargo, but none of which pains me more than the one we will discuss this morning. Wrongful sales practice behavior in our retail banking business goes against everything regarding our core principles, our ethics and our culture. It runs counter to our vision of helping our customers succeed financially. And it is not representative of Wells Fargo as an institution. I'm here to discuss the situation today tell you about the actions we have taken and our commitment on how to move forward. Our entire culture is centered on serving our customers. And in this case, we let our customers down. Our retail banking practice issues, sales issues, are not a reflection of our hard- working and talented team members, who deserve thanks for helping our customers with their financial needs. I want to make very clear that we never directed nor wanted our team members to provide products and services to customers that they did not want. That is not good for our customers, and that is not good for our business. It is against everything we stand for as a company. That said, I accept full responsibility for all unethical sales practices in our retail banking business. And I am fully committed to fixing this issue, strengthening our culture, and taking the necessary actions. To restore our customer's trust and Senators, let me tell you here today the Well Fargo board is actively engaged in this issue. The board has the tools to hold senior management accountable, including me. And Carrie Tolstedt, the former head of our Retail Banking business. Any board actions taken with our named executive officers will be appropriately disclosed. And I want to be clear on this. I will respect and accept the decision of the board.

Watch Wells Fargo’s CEO Apologize for the Bank’s Phony Accounts