Wells Fargo Warns Expanded Sales Review May Show More Unauthorized Accounts

SAN FRANCISCO (AP) — Wells Fargo & Co. says it is expanding an internal review of its sales practices, noting that the move could uncover significantly more accounts opened by the bank’s employees without customers’ consent.

The San Francisco bank disclosed the broadened review in a filing Friday with the Securities and Exchange Commission.

Wells Fargo has been trying to repair its reputation after admitting last fall that employees opened as many as 2 million accounts without getting customers’ permission, in an effort to meet aggressive sales targets.

The company is now expanding its review of customer accounts going back to 2009. Initially, it planned to review accounts going back to 2011.

The lender paid $185 million to regulators and settled a class-action suit for $142 million.

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Comments

One Comment

  1. Wonder how many of the bank employees that did this ever got charged. they are the criminals.

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