- Sarah Rice/Getty
The troubled bank Wells Fargo in a presentation accompanying its earnings on Friday laid out the preliminary results of its investigation into how many people were affected by its employees opening false accounts without customers’ knowledge.
The bank, with the help of the auditor Pricewaterhouse Coopers, identified 565,000 possible fraudulent consumer credit card accounts and 1.5 million possible fraudulent checking accounts opened between 2011 and 2015.
Since then, the bank said it has identified and tracked 564,000 of the credit card account holders. It said 330,000 of the cards had been closed and 234,000 accounts were still open. About 192,000 of these cards were still open but had never been active, while 42,000 were still opened and activated. It was unclear whether employees or customers activated those accounts.
The bank also said in the presentation it was investigating the impact on consumers’ FICO credit scores. In turn, Wells said it would determine if the opening of an unwanted credit card made it more expensive for the customer to receive another financial product because of a lower credit score.
During former CEO John Stumpf’s testimonies to Congress, lawmakers said they were concerned about the unwanted credit card accounts because of the impact it may have had on customers’ credit scores.
The company beat earnings projections for both revenue and earnings per share for the third quarter.
Here’s the slide from the presentation detailing the findings:
- Wells Fargo