Wells Fargo Launches Office of Consumer Practices
Wells Fargo & Company (NYSE: WFC) announced today the launch of a new enterprise-wide, consumer-focused advisory group, the Office of Consumer Practices (OCP). The OCP will be part of the Chief Operating Office and will be led by Michael Lipsitz, Chief Regulatory and Policy Affairs Executive.
External view of a Wells Fargo building with a glass front and individuals walking by (Photo: Wells Fargo)
“Keeping customers front and center is at the heart of Wells Fargo’s continued evolution,” said CEO Charlie Scharf. “The Office of Consumer Practices will play an important role in ensuring our products, services, and business practices are fair and transparent.”
The Office of Consumer Practices’ work will complement efforts already underway to improve the company’s sales practices and its overall customer experience. The group’s activities will include:
- Assessing and advising on consumer-related products, services, and business practices to ensure the consumer’s perspective plays a significant role in decision-making
- Engaging in all elements of the customer-product lifecycle, including advising on product development processes like terms, conditions, and pricing
- Reviewing complaints metrics and other data to help identify and advise on potential consumer-related trends and outcomes
- Providing advice on policies, procedures, and training that impact how Wells Fargo interacts with consumers, including older adults and people with disabilities
“By launching the Office of Consumer Practices, we are taking another step to embed the customer perspective directly into our decision-making processes, which is an important part of strengthening our risk and control infrastructure,” said Chief Operating Officer Scott Powell.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with
Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
News Release Category: WF-CF
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