Regulatory

Wells Fargo scandal deepens: Bank reveals up to 1.4 million more fake accounts 

An internal investigation at Wells Fargo revealed that the bank’s fake account scandal is a much larger issue than anyone thought. Nearly a year ago, the bank was fined $185 million for 5,000 of the bank’s former employees opening as many as 2.1 million accounts without authorization in order to get sales bonuses. As it turns out, the number of potentially fake accounts was actually 3.5 million – 1.4 million more than first thought.