Wells Fargo CFO blames unauthorized accounts on under-performers

September 13, 2016 2:24 PM

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Wells Fargo CFO blames unauthorized accounts on under-performers

Of more than 5,300 staffers cut in recent years for opening unwanted accounts, about 10 percent represented branch managers or more senior staffers, Shrewsberry said in response to a question at the event.

The bank has tightened compliance procedures, including sending customers an e-mail to verify an account has been established within one hour of a deposit account being opened, according to Wells Fargo's presentation. In addition, after the CFPB fine was announced, Wells Fargo has prepared for inbou...

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