Wells Fargo CEO: It will take months to fix fake accounts

DENVER BUSINESS JOURNAL - Wells Fargo & Co. CEO Tim Sloan says it will take months to unravel much of the damage done to customers who were affected by the bank's fake-accounts scandal earlier this year.

Wells Fargo (NYSE: WFC) — Colorado's largest bank by deposits — agreed last September to pay customers who were affected by its aggressive sales tactics as much as $5 million in renumeration, as well as shell out $185 million in penalties for as many as 2 million bogus accounts it created.

Now, Sloan says that the process of determining whether or not a possibly fake account opened in a customer's name negatively affected their credit score is a long one, but said the bank remains committed to rebuilding customer trust.

“I will describe it as more complicated than anyone could have imagined, but that’s not an excuse. It’s going to take a few more months to work through. But I assure you we will remediate all those customers,” Sloan told the Associated Press in an interview.

Read more at the Denver Business Journal:http://bizj.us/1p3pl8

 

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