- Wells Fargo 's (NYSE:WFC) fake-account scandal is worse than thought, as the company reports 67% more unauthorized consumer and small-business accounts than previously thought -- some 3.5M accounts, vs. previous estimates for 2.1M.
- That's due to an expanded third-party analysis that found 1.4M new accounts potentially unauthorized.
- The company's original analysis looked at 93.5M current and former accounts opened in a 4.5-year time period, from May 2011 through mid-2015. The expanded analysis looked at 165M retail banking accounts in an eight-year period (January 2009 to September 2016) and reached the new estimate of 3.5M potentially unauthorized accounts.
- The estimate for accounts that incurred fees and charges was raised to about 190,000 from a previous 130,000. Wells will offer $2.8M in additional refunds and credits, on top of an original $3.3M.
- It also said it found 528,000 potentially unauthorized bill pay enrollments and will refund $910,000 in charges there.
- Premarket: WFC -0.2%.
- Now read: Bank Of America Vs. Citi Vs. JPMorgan (NYSE:JPM) Vs. Wells Fargo: Is The Past The Future?
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Wells Fargo boosts estimate of fake accounts to 3.5M
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