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Wells Fargo CEO Sloan: Senior management should have 'done more'

New Wells Fargo CEO: Highest priority is to restore trust

Wells Fargo reported third quarter earnings that edged out expectations Friday, two days after John Stumpf abruptly retired as CEO in the aftermath of the bank's phony accounts scandal.

"Our senior management could have and should have done more," newly installed CEO Tim Sloan said on a conference call.

"We have a specific action plan in place to lead our company forward," he said. That plan includes "being transparent in our communication."

"There was clearly something wrong, and we will make the necessary changes to fix it," Sloan pledged.

Sloan spoke after the bank reported its third-quarter earnings. In a supplementary presentation, the bank said that "mortgage referrals from retail banking were down 24 percent in September from August."