here is chairman steve sanger. >> the root cause of the practices issue determined by the investigation, was the excessive sales pressure in the community bank, the excessive sales goals, and the failure to escalate the problem appropriately through the structure of the community bank. kerri is the leader of the community bank, is responsible for all that. >> tolstead refused to be interviewed as part of the board review. a statement from her lawyer said we strongly disagree with the report to lay blame with miss tolstead. tim sloan is given a pass. the report said that his direct involvement with the sales practices issue was limited, until he became president and coo in november 2015. despite that, i asked him if there could have been more he could have done earlier. >> in hindsight, i wish we would have moved more quickly, we would have made decisions, for example, that we made last fall, was to end the incentive compensation plan in the community bank. >> away from the individual, the report said a sales oriented culture and decentralized corporate structure caused the issues. here

steve sanger, chairman of we also fwells fargo. >> great conversation. and reuters actually just getting a statement from the attorneys of the former retail banking head whom they blame a lot of these phony account scandals on, from her lawyers, we strongly deposit agree with the report and its attempt to lay blame with her. a full and fair examination of the facts will produce a different conclusion. >> it does seem remarkable to me the way -- great job by the way asking questions so many different angles. but to lay the blame completely pretty. at the feet of carrie tolstedt despite the fact that the stumpf resisted calls to let her go. if the problem here was high standards paired with low oversight, that seems to have been the problem with tolstedt and certainly also with stumpf. so interesting to see what they have to say further and what further investigations might reveal. >> yeah, interesting delineation in the responsibility here. on the one hand staying stumpf accepted the blame for reputational damage. bringing up market cap under stumpf's ten

. >> the chairman, steve sanger.nteresting that perspective that they maintain that thought. >>> when we come back, stocks to watch. first, as we head to break, check out the dollar. it is the mover over the last 24 hours. president trump says getting too strong shand that hurts. well, the dollar is back on the rise against the you'euro this morning and the yen. just flipping. he got a mini selloff. that seems to be reversing. you're watching "worldwide exchange" on cnbc. so you're having a party? how nice. i'll be right there. and the butchery begins. what am i gonna wear? this party is super fancy. let's go. i'm ready. are you my uber? [ horn honks ] hold on. don't wait for watchathon week to return. [ doorbell rings ] who's that? show me netflix. sign up for netflix on x1 today and keep watching all year long. >>> welcome back to "worldwide exchange." let's give you a market update. this comes after we had an intraday selloff yesterday. the vix hit its highest level since november. but let's put those declines int

re-election of 12 of 15 wells board members at the upcoming annual general meeting, include chairman steve sanger's report. sanger will join me for an exclusive interview today at 11:00 a.m. eastern time. andrew? >> okay, wil. thank you for that. i think we are still marvelling here when you said tim sloan gets a pass. and i would love to hear more about that during your interview in terms of what it is that he knew, given that he's now running this institution. clearly he did make some steps, i guess, in 2015 that perhaps stumpf would not. but nonetheless you think he was in and around the hoop. >> listen, i think that comes down to when he became president and coo according to this review and prior to that when he was head of the wholesale bank and before that cfo. the reports of this nature didn't come direct to him. it's pretty clear that he had heard of some of these misgivings, albeit, it was not his role to particularly react to them. i mean on that of course i'll also be pushing the chairman steve sanger about why the board is not given quite such a harsh rap as some other executives. jus

including charge steve sanger who oversaw the report. er join -- sanger will join us in the next half an hour or so. sara? >> you mentioned sort of this idea that employees were put under pressure by management. were there examples in the report? >> there was one example of what was called a monthly motivator report and the report says that some lived and died by the results of that. also retail scorecards that were brought in by tolstedt generated significant sales pressure and the particular type of practice that the review kept the most criticism was for the jump into january sales campaign. this was something that was there to try and kick off sales with a bang at the start of the year and the report said of that, it was a quote, breeding ground for bad behavior. so lots of nuanced examples of the specific behavior that was putting pressure on employees to act improperly. >> all right. thank you very much for that. see you soon. wilfred frost will join us in half an hour. let's get over to contess is brewer and get an update. >> we ar

failing to notice the failings soonerment once you took over, though, as president and coo as steve sangerirly quickly. what did you notice that others missed? >> caller: well, great question. i think that once i became president and chief operating officer in november 2015, i saturday down and made a fresh assessment to carry. i worked with her on things i asked her to improve on, but we came to the conclusion within a few months it made sense for her to move on, and what i saw was an executive that while having a successful career had some challenges in terms of working with others, had not dealt as aggressively with some of the sale practice issues as she should have, and as i looked forward in terms of where we were taking our retail business, it just made sense to make a change, and i couldn't be more pleased with mary mack, the new leader of community banking, she's doing a terrific job. >> what about pre-ceo when you were cfo and had prior higher roles in the bank. could you have been more proactive even if not directly your responsibility? >> caller: very fair question. i've been v