Wells Fargo stock falls 2% as it tries to regain customers’ trust

Wells Fargo & Co. has launched a campaign to regain customers’ trust after revelations that, in order to meet aggressive sales quotas, bank employees created as many as 2 million accounts in customers’ names without their knowledge or consent.

The San Francisco bank’s chief executive resigned Wednesday, and the bank sent out letters and took out full-page newspaper ads about its values and culture. But investors, at least, are not yet convinced: Wells Fargo’s shares were down more than 2% around 9 a.m. Pacific Time on Thursday.

On Wednesday, customers received a letter from the bank saying that its actions “did not live up to our commitment.”

“Over the last several weeks, you may have heard about the settlements we’ve made involving some of our customers receiving products or services that they did not want or request,” the letter says. “This is inconsistent with our values and with the culture we work hard to maintain. It’s not who we are as a company.”

Read more at The Los Angeles Times.