It is with relief regret that I must turn down your offer of the role of chief executive at Wells Fargo. Had you asked me four years ago I would have accepted. Back then Wells looked like a model bank, having come through the financial crisis unscathed by trading accidents or losses on toxic mortgages. Its retail arm was purring along—thanks, it seemed, to your employees' brilliance in persuading people to open accounts. That brilliance turned out to be in fraudulently opening millions of spoof accounts, partly in order to shine in internal reports known as "Motivators". I like a lively sales force, but Wells took it too far—and, more to the point, got caught.
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