Wells Fargo: Actually, We Were 70 Percent More Corrupt Than Initially Revealed

What’s another 1.4 million fake accounts anyway?

Erik Mcgregor/ZUMA

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Wells Fargo revealed on Thursday that an internal review has identified as many as 3.5 million potentially fraudulent accounts. This is a staggering 1.4 million more accounts than an outside investigation had initially estimated when the bank’s fake-account scandal first erupted last year. Federal investigators found thousands of employees had secretly created millions of fake accounts using real customers’ personal information, allowing the bank to hit customers with phony charges and boost its sales figures.

In the wake of the revelations, Sen. Elizabeth Warren (D-Mass.) called for a criminal investigation of then-CEO John Stumpf, who resigned shortly after with a $133 million paycheck.  On Thursday, she renewed demands for a hearing into the scandal:

The latest review, which focused on accounts dating back to January 2009 through September 2016, is an expansion of the independent investigation’s first look, which reviewed potentially fraudulent accounts from May 2011 through mid-2015. Wells Fargo has agreed to pay $2.8 million to affected customers for the additional accounts.

The bank has already been hit with $190 million in fines over the massive scandal.

“There is nothing more important to me and to Wells Fargo than rebuilding trust with our customers and helping them succeed financially,” Wells Fargo CEO Tim Sloan said in a statement Thursday

The statement said Wells Fargo was committed to ensuring such fraudulent practices would never take place again. Free meditation services are available, and Wells plans to continue answering customers’ concerns amid the fallout.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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