New Wells Fargo CEO dives into details of bogus-accounts scandal

DENVER BUSINESS JOURNAL - Not even 48 hours into his new role as president and chief executive of Wells Fargo & Co., Tim Sloan dove into details of the bank’s scandal over sales practices on a conference call Friday morning.

The bank (NYSE: WFC), Colorado's largest, reported third-quarter earnings Friday with net income of $5.6 billion, down from $5.8 billion at this time last year.

Expenses were up for the third quarter, and executives say that trend that will continue in the coming quarters as the bank faces legal costs from the scandal, in which employees of the bank's consumer-banking division created as many as 2 million fake customer accounts to meet "cross selling" targets.

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