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Wells Fargo says a deeper dig into the bank's broken sales culture has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. The additional 1.4 million fake accounts were discovered by a previously announced analysis that went back to January 2009 and that reviewed the original May 2011 to mid-2015 period.

The bank also discovered a new problem: thousands of customers were also enrolled in online bill pay without their authorization. The review found 528,000 potentially unauthorized online bill pay enrollments.

Wells Fargo has blamed the scandal, which began last September, on unrealistic sales goals placed on employees. Ref. CNN.

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Wells Fargo says a deeper dig into the bank's broken sales culture has found a total of up to 3.5 million potentially fake bank and credit card accounts, up from its earlier tally of approximately 2.1 million. The additional 1.4 million fake accounts were discovered by a previously announced analysis that went back to January 2009 and that reviewed the original May 2011 to mid-2015 period.

The bank also discovered a new problem: thousands of customers were also enrolled in online bill pay without their authorization. The review found 528,000 potentially unauthorized online bill pay enrollments.

Wells Fargo has blamed the scandal, which began last September, on unrealistic sales goals placed on employees. Ref. CNN.

See Similar Topics


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