In an effort to restore trust among employees, customers and other stakeholders, Tim Sloan, the new chief executive officer of Wells Fargo & Co. (NYSE:WFC), addressed 700 employees in Charlotte on Tuesday.

Sloan told employees he is committed to fixing the embattled bank’s reputation — a task he concedes will not be easy, according to prepared remarks given to the Charlotte Business Journal.

“I want to say we’re sorry for the pain you have experienced as team members as a result of our company’s failures,” Sloan said.

A bank spokesman said Tuesday’s meeting is the first of multiple “open and honest discussions with team members,” that will occur across the country to address the bank’s sales practices. The San Francisco-based bank keeps its largest employee base in Charlotte where Sloan spoke to employees in uptown Tuesday.

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