Wells Fargo CEO warns workers that scandal could grow Aug. 22, 2017

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Wells Fargo says it is nearing completion of an expanded analysis to try to find instances in which its employees might have opened unauthorized customer accounts, which could lead to additional refunds.

In a letter to employees, CEO Tim Sloan said the third-party analysis could be completed within a “few weeks,” covering 2009 to 2016, and that the number of customers involved is likely to grow.

“The results of our reviews will generate news headlines, but even as we face this renewed coverage, the best thing we can do is stay focused on fixing problems, making things right for customers and building a better, stronger Wells Fargo,” Sloan wrote.

The disclosure that Wells Fargo employees opened accounts for patrons that they had not authorized has proven to be a huge black eye for the bank. And the scandal has dragged on.

Sloan said researchers are looking for “potentially unauthorized” accounts — those in which customers may not clearly remember if they authorized them — and that the bank will err “on the side of customers” when it comes to refunds.

So far, he says that San Francisco-based bank has refunded about $5 million in addition to having reached a $142 million class-action suit settlement.

Source: USA Today
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