Wells Fargo says number of unauthorized accounts, legal expenses could rise

Wells Fargo & Co.’s troubles continue to mount, with a bevvy of new disclosures Friday: The bank may have created more unauthorized accounts than first thought, it is the subject of a new federal inquiry and it could face $1.3 billion more in legal costs than previously estimated.

In its latest quarterly filing with the Securities and Exchange Commission, the San Francisco bank acknowledged that a review of accounts created as far back as 2009 “may lead to a significant increase in the identified number of potentially unauthorized accounts.”

The bank’s only estimate of the number of accounts that may have been created without customers’ consent is 2.1 million, a number released last September when Wells Fargo agreed to pay $185 million to regulators over the practice.

 

Source: Los Angeles Times

About admin

Leave a Reply

%d bloggers like this:
A DAILY ROUNDUP OF THE MOST FASCINATING WALL ST, COMPLIANCE AND REGULATORY NEWS.