Wells Fargo Warns it May Find ‘Significant Increase’ in Unauthorized Accounts

The company's shares fell Friday

WellsFargo11
Justin Sullivan / Getty Images

A new review of Wells Fargo’s consumer sales scandal could reveal a “significant increase” in unauthorized accounts, CNBC reported Friday.

"We expect that our review of the expanded time periods ... may lead to a significant increase in the identified number of potentially unauthorized accounts," the firm said in a filing with the U.S. Securities and Exchange Commission. "However, we do not expect any incremental customer remediation costs as a result of these efforts to have a significant financial impact on the Company."

Wells Fargo said legal costs are expected to exceed the $3.3 billion it had already set aside.

Shares fell 1 percent on Friday in light of the news.

The bank has been embroiled in a scandal since last fell when it was discovered that workers had opened about 2 million consumer deposit and credit card accounts without customers’ authorization.

Get more at Read More

Contact Us