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Features/Scandals

Wells Fargo Warns That More Customers May Have Been Affected by Sales Scandal

March 2, 2017

It seems the Wells Fargo sales scandal is about to grow larger in size and scope, per the bank’s annual Form 10-K filing. The bank originally estimated that 2.1 million checking and credit card accounts had been opened without customer permission. But, based on the bank’s internal review, there could be "an increase in the identified number of potentially impacted customers." That’s because the search for unauthorized accounts has been extended to cover a wider period, from 2009 to September 2016.

 

In a separate filing, the bank said it expects to release findings of the review ahead of its annual meeting on April 25.

 

While Wells Fargo doesn’t expect that any additional remediation efforts will have a "significant financial impact," it believes that the review could lead to more legal or regulatory proceedings, reputational damage and other negative consequences.