Skip to content

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • Culture Tips: Transforming a 150-Year-Old Mutual
  • Exclude It, Harness It, Get Greedy: Insurers' AI Playbook
  • Ranking Industry AI Talent, Maturity Leaders
  • Carrier Management
  • C-Suite
  • News
  • Research
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Join
  • Login
  • Boardroom Agenda
  • CEO / Chief Executive
  • CFO / Financial
  • Underwriting
  • CTO / Technology
  • Risk
  • Brand Management & Sales
  • Investment Officers
  • Claims / Legal
  • Talent Management
FEMA’s New Flood Maps Means More Homes Require Flood Insurance: Cotality
The Technology Taking Parametric Insurance Mainstream
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
Starbucks Settles Florida Lawsuit Claiming Diversity Policies Were Illegal
Driver Arrested in Bus Collision That Occurred Before Deadly LA News Copter Crash

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
Why Automation-First AI Falls Short in Specialty Lines
AI Data Center Boom Creates New Risks, Opportunities for Insurers
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
WTW, Ivans Reports Signal More Commercial Rate Moderation
The Big Data/AI ‘Revolution’ Is Driving Up Verdicts, Settlements as Plaintiffs Buy In
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
Pritzker Signs Bills Giving Insurance Department Power to Overturn Rate Changes
Can Reinsurers Maintain Underwriting Discipline or Will ‘Irrational’ Competition Return?
The $400,000 Chief of Staff Is the CEO’s Secret Weapon in the AI Age
Exiting California’s FAIR Plan
What I Wish I Knew While Leading Insurance Carriers
Nearly 100% Chance of a Mediterranean Tsunami Within Next 30 Years

See all Top 50

In Bots We Trust? For Insurance?
Viewpoint: What U.S. Insurers Should Learn From the EU AI Act
Help Me Understand: How Insurers Build Trust
How Leading Voices Can Help Claims Organizations Leap Ahead

See all Members Only Content

Benefits

  • News for the P/C Insurance C-Suite - Focused reporting from reliable sources and experienced financial journalists.
  • Research and Analysis Not Found Elsewhere - Exclusive content from researchers think tanks, industry experts and respected analysts.
  • High-Profile Peers - Interviews with thought leaders in the global and U.S. insurance industry.

Online Access

Complete, unrestricted access to the popular CarrierManagement.com website, which provides insurance company C-suite executives with daily news, white papers, advice, instruction and editorial on how to manage insurance companies more efficiently and more effectively.

Wells Fargo Phony Account Scandal May Be Bigger Than Previously Thought

Print Email
March 6, 2017 by Dan Freed

More Wells Fargo & Co customers may have been affected by a scandal over phony accounts than previously believed, the third-largest U.S. lender said in a regulatory filing on Wednesday.

Wells Fargo had previously estimated that up to 2.1 million customers may have had checking and credit-card accounts opened in their names without their permission over a period of several years.

As part of an expanded review there could be “an increase in the identified number of potentially impacted customers,” Wells said.

The search for unauthorized accounts now covers a broader time frame, from 2009 to September 2016. An ongoing analysis of customer data may also be turning up more affected customers, according to Wells’ annual 10-K filing with the U.S. Securities and Exchange Commission.

In a separate filing, the bank said it expects to release findings of the review ahead of its annual meeting on April 25.

Wells initially disclosed the number of affected customers as part of a $185 million settlement in September, leading to multiple government probes, lawsuits and an internal review, and hurting Wells Fargo’s reputation.

Thousands of employees were fired over customer abuses, which stemmed from aggressive sales targets implemented by managers. Wells’ then-CEO John Stumpf abruptly left the bank because of the scandal.

Wells has been working to repair the damage, in part by determining whether customers were charged improper fees or had their credit scores hurt by the phony accounts.

The San Francisco-based lender does not expect that any additional remediation efforts will have a “significant financial impact.” However, it said the review could lead to more legal or regulatory proceedings, reputational damage and other negative consequences.

Eight senior executives, including Chief Executive Tim Sloan and Chief Financial Officer John Shrewsberry, are not receiving cash bonuses for 2016. The bank also dismissed four mid-level executives as part of the probe.

Copyright 2026 Reuters. Click for restrictions.
Print Email
Claims / LegalClaims & ReservingCommercial LinesLitigation/Liability TrendsMarketsNewsRiskThe C-SuiteU.S.Underwriting

Was this article valuable?

Thank you! Please tell us what we can do to improve this article.

Thank you! % of people found this article valuable. Please tell us what you liked about it.

Here are more articles you may enjoy.

AI Data Center Boom Creates New Risks, Opportunities for Insurers
OSHA Releases List of Top 10 Cited Workplace Hazards in 2026
Accenture to Pay $25M to Settle U.S. Government Allegations Over DEI
Building Trusted Insurance Brands: Less ‘Gotcha’ at Farmers

Related Articles

Wells Fargo Believes Customers Properly Reimbursed in Fake Account Scandal
Wells Fargo Board Blames Ex-CEO, Other Exec for Much of Fake Account Scandal
Wells Fargo Investors Urged to Unload Most Board Members Over Fake Account Scandal
Wells Fargo Will Pay $50M to Settle Suit Over Homeowners Fees
Wells Fargo Settles Racial Bias Broker Lawsuit
Prudential May Seek Cover From Wells Fargo for Account Scandal Costs
Wells Fargo Will Settle Lawsuit Over Account Abuses With $110M Payment
Wells Fargo Account Scandal Draws Calif. Criminal Probe

Our Contributors

Kim GarlandWhat I Wish I Knew While Leading Insurance Carriers
Elool JacobyViewpoint: What U.S. Insurers Should Learn From the EU AI Act
Timothy MarshallFuture Cyber Catastrophe Events May Be Different, Yet Not Unknown
Arik YelovitchThe Technology Taking Parametric Insurance Mainstream
Florian HappFuture Cyber Catastrophe Events May Be Different, Yet Not Unknown
Ben RoseWho Gets Credit for Successful Renewal During Soft Re Market?
See All Our Contributors

Free Newsletter

NewsletterSign up to receive daily news!

Our Contributors

Elool JacobyViewpoint: What U.S. Insurers Should Learn From the EU AI ActTimothy MarshallFuture Cyber Catastrophe Events May Be Different, Yet Not UnknownArik YelovitchThe Technology Taking Parametric Insurance MainstreamFlorian HappFuture Cyber Catastrophe Events May Be Different, Yet Not UnknownSee All Our Contributors

Latest

  • FEMA’s New Flood Maps Means More Homes Require Flood Insurance: Cotality
  • Starbucks Settles Florida Lawsuit Claiming Diversity Policies Were Illegal
  • Driver Arrested in Bus Collision That Occurred Before Deadly LA News Copter Crash
  • AIG’s Hancock to Retire as Head of General Insurance
  • Senate Committee Sends TRIA Reauthorization to the Floor
  • Emerging Risks to Watch: Quantum Computing, Data Center Buildout, and Peptides
  • FDA Declares Cyclospora Outbreak Over
  • UK Insurers Urge Bank of England to Rethink ‘Dynamic’ Stress Test
  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • Culture Tips: Transforming a 150-Year-Old Mutual
  • Exclude It, Harness It, Get Greedy: Insurers' AI Playbook
  • Ranking Industry AI Talent, Maturity Leaders

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • Cotality
  • Cytora
  • Indico Data
  • Majesco
  • Verisk
  • Vertafore

Connect with us

  • Email Newsletters
  • Twitter
  • Facebook
  • LinkedIn
  • Do Not Sell My Info

Carrier Management

  • Submit Content
  • Advertise
  • Subscribe
  • Contact Us

Wells Media Group Network

  • Carrier Management iconCarrier Management
  • Insurance Journal iconInsurance Journal
  • Claims Journal iconClaims Journal
  • IJ Academy iconInsurance Journal Academy
  • Insurance Journal TV iconInsurance Journal TV
  • MyNewMarkets.com iconMyNewMarkets.com
© 2026 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map