Wells Fargo Increases Fake-Account Estimate 67% to 3.5 Million

O-ho the Wells Fargo Wagon is a-comin’ down the street, creating fake deposit and credit card accounts.
(Bloomberg) – Wells Fargo & Co. said employees created two-thirds more bogus accounts than initially thought, a sign the bank is still struggling to move past a scandal that sparked record fines and congressional investigations.
An outside review found an additional 1.4 million potentially unauthorized deposit and credit-card accounts opened when the bank was encouraging employees to sell multiple products to retail customers, bringing the total to about 3.5 million, according to a statement Thursday from the San Francisco-based firm. The revised estimate covers January 2009 to September 2016, almost twice as long as the period examined in the initial review.

This post was published at Wall Street Examiner on August 31, 2017.