Wells Fargo says number of unauthorized accounts could rise

Source: James Rufus Koren, Los Angeles Times (Paid Registration)

Wells Fargo & Co.’s troubles continue to mount, with a bevvy of new disclosures last Friday: The bank may have created more unauthorized accounts than first thought, it is the subject of a new federal inquiry and it could face $1.3 billion more in legal costs than previously estimated. In its latest quarterly filing with the Securities and Exchange Commission, the San Francisco bank acknowledged that a review of accounts created as far back as 2009 “may lead to a significant increase in the identified number of potentially unauthorized accounts.”

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