Thread regarding Wells Fargo & Co. layoffs

Wells Fargo's estimate for unauthorized accounts jumps 67%, to 3.5 million

http://www.latimes.com/business/la-fi-wells-fargo-accounts-20170831-story.html

Wells Fargo & Co. potentially opened 3.5 million accounts in customers' names without those customers' knowledge or consent — far more than the 2.1 million that were previously identified, according to an independent review, the San Francisco bank said Thursday.

The 3.5-million figure echoes an estimate given in the spring by attorneys in a class-action lawsuit with the bank. They negotiated a settlement based on that figure, so Wells Fargo is not expected to face vast additional payouts.

The bank said Thursday that the analysis by PwC, which it previously announced was coming, looked at a larger time frame than the original review.

The expanded review looked at more than 165 million retail banking accounts opened between January 2009 and September 2016. The initial analysis reviewed 93.5 million current and former customer accounts opened between May 2011 and mid-2015.

Wells Fargo & Co. potentially opened 3.5 million accounts in customers' names without those customers' knowledge or consent — far more than the 2.1 million that were previously identified, according to an independent review, the San Francisco bank said Thursday.

The 3.5-million figure echoes an estimate given in the spring by attorneys in a class-action lawsuit with the bank. They negotiated a settlement based on that figure, so Wells Fargo is not expected to face vast additional payouts.

The bank said Thursday that the analysis by PwC, which it previously announced was coming, looked at a larger time frame than the original review.

The expanded review looked at more than 165 million retail banking accounts opened between January 2009 and September 2016. The initial analysis reviewed 93.5 million current and former customer accounts opened between May 2011 and mid-2015.

by | Post ID: @P2RS9TE
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5 replies (most recent on top)

Why didn't the bank go back to 2002 when this issue started happening? That's how far back the board report said it went to. Oh wait, that's right. It would look really bad on management if it showed they not only really lied, but more or less had no control over how this company is managed.

by | Post ID: @P2RS9TE-5npl

Ok so they grossly under estimated the number of fake accounts. But I wonder if they also under estimated the number of people that were let go because of the pressure to sell. As I recall. Some 5,300 people were fired nut I'm guessing the real number is closer to 10,000 employees. Don't have any data to back this up other than looking at how Wf counts fake accounts.

by | Post ID: @P2RS9TE-3onw

As much as management assures the public this is everything, it makes you wonder what other skeletons are in the closet.

by | Post ID: @P2RS9TE-1dup

@P2RS9TE-ajq You are so right. I am so sick of hearing it. They do what they want, fingers get waved...bad Wells and nothing is done. Please move on.

by | Post ID: @P2RS9TE-1yia

It's a non event - the reasoning goes like this:

OK, we lied.

OK, we lied more.

OK, we lied even more.

OK.

Done... (nothing happens)

by | Post ID: @P2RS9TE-ajq

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