Wells Fargo CEO Tim Sloan issued a letter to employees, which stated that details from an expanded analysis could result in additional unauthorized customer accounts being identified. Sloan says the company is almost complete with a thorough third-party assessment that was warranted after Wells Fargo was reprimanded for fraudulent account activity. The banking institution was found guilty and ordered to settle a $142 million class-action lawsuit. So far, Wells Fargo has refunded $5 million to their customers. The third-party review covers account openings from 2009 to 2016. Sloan expects that this number is likely to grow, which will result in more refunds to be issued. “The results of our reviews will generate news headlines, but even as we face this renewed coverage, the best thing we can do is stay focused on fixing problems, making things right for customers and building a better, stronger Wells Fargo,” Sloan wrote. Over the past months, Wells Fargo’s brand received backlash from the public and it appears this could go on. The employees that illegally opened accounts for customers without any permission has garnered a lot of mistrust in the bank by the public. Sloan said researchers are searching diligently for “potentially unauthorized” accounts. Some in which customers may not remember if they authorized them. But, Wells Fargo will show their support “on the side of customers” on refund obligations. Source: USA Today
