Oct 11 Wells Fargo & Co's chief
financial officer said efforts by states to penalize its
business over an unauthorized-accounts scandal would not affect
third-quarter earnings "much", the Wall Street Journal reported,
citing a recording of an internal call.
John Shrewsberry was recorded as saying the bank would only
take "some legal set-asides" but publicizing this "might
incentivize people to do more, to make it tougher on Wells Fargo
...," the Journal reported. (on.wsj.com/2dYxDOY)
The hour-long call with 500 senior Wells Fargo executives
took place on Monday and was intended to lay out the bank's
strategy to move past the scandal, the newspaper reported.
Wells Fargo representatives were not immediately available
The bank has been under pressure to show that it is ready to
make amends and hold management accountable after government
investigations revealed that some of its employees had opened as
many as 2 million accounts without customers' knowledge or
permission in order to meet sales targets.
Executives were also recorded as saying that growth in Wells
Fargo's new retail banking business would likely decline due to
the scandal, the Journal reported.
(Reporting by Sruthi Shankar and Nikhil Subba; Editing by Ted