Skip to content

Carrier Management

Critical Information for P/C Carrier Executives

Highlights

  • Progressive is World's 4th Largest Insurer
  • The Cayman Islands Set Sail for Reinsurance Ops
  • Negotiation Is The Job of Claims Professionals
  • 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
The Art of Negotiation: Benchmark, Bundle, Trade
AI Is Writing Performance Reviews. What Could Go Wrong?
  • U.S.
  • International
  • Industry News
  • Government
  • Technology & Science
When Employee AI Adoption Stalls Out, Workplace Influencers Get Called In
Thanksgiving Top Day of the Year for Home Cooking Fires in the U.S.

See all News

  • Executive Spotlight
  • Innovation
  • Strategy
  • Leadership
  • Performance
  • Growth Initiatives
  • Social Responsibility
Insurance-University Partnerships: Zurich AI Lab; ACORD Executive Ed
Tokio Marine Weighs More Than $10 Billion of International M&A
  • Reinsurance
  • Emerging Markets
  • Global Economy
  • Personal Lines
  • Commercial Lines
  • Specialty
70% of Drivers Say They’ve Felt Unfairly Judged by Auto Insurers: Arity Report
Bipartisan Legislation Introduced to Retroactively Restore NFIP
  • Insurance Regulation
  • Securities Regulation
  • Accounting & Tax
  • Rating Agencies
Everest Group’s AM Best Rating Outlook Now Negative; IQUW Under Review
Workers Compensation Continues to Lead P/C Industry With Strong Profits
Everest Refocusing as Reserve Charge Hits Earnings; Buying $1.2B ADC
Analysis: State Farm Bolsters Surplus by Freeing Up Billions in Loss Reserves
Too Much Profit? Progressive’s Florida Results Generate Nearly $1B Q3 Charge
Kemper’s Lacher Steps Down as CEO

See all Top 50

The Power of the First Offer: Anchoring, Evidence and the Battle for Perception
Rebuilding Commercial Lines Underwriting: Smarter, Simpler and More Strategic
Should Company Size Determine a Carrier’s ERM Practices?
Anchored in Maritime Roots, the Cayman Islands Set Sail for Reinsurance Opportunities

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 2025 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.

Rebuilding Commercial Lines Underwriting: Smarter, Simpler and More Strategic
Zurich Invests Heavily in Underwriting Talent to Boost Mid-Market, Specialty Growth
Federato Launches Tech to Tackle Underwriter Fears of Falling Behind
Preliminary Hurricane Melissa Estimates Tally Insured Losses Between $1.5B-$5B

Related Articles

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

Our Contributors

Ken CarterThe Power of the First Offer: Anchoring, Evidence and the Battle for Perception
Farah IsmailRebuilding Commercial Lines Underwriting: Smarter, Simpler and More Strategic
Andrew LeedsReimagining Homeowners Insurance in the AI-Powered Claims Era
Breanne ArmstrongDon’t Forget the Front Line: Why Insurers Need to Research the Agent Experience
Steven DreyerAnalysis: State Farm Bolsters Surplus by Freeing Up Billions in Loss Reserves
Casey KemptonExecutive Viewpoint: Reimagining Personal Lines Risk – Now and for the Future
See All Our Contributors

Free Newsletter

NewsletterSign up to receive daily news!

Our Contributors

Farah IsmailRebuilding Commercial Lines Underwriting: Smarter, Simpler and More StrategicBreanne ArmstrongDon’t Forget the Front Line: Why Insurers Need to Research the Agent ExperienceKen CarterThe Power of the First Offer: Anchoring, Evidence and the Battle for PerceptionSteven DreyerAnalysis: State Farm Bolsters Surplus by Freeing Up Billions in Loss ReservesSee All Our Contributors

Research & Whitepapers

  • C-Suite
  • News
  • Leadership
  • Markets
  • Regulation
  • Top 50
  • Members Only
  • Videos

Headlines

  • Progressive is World's 4th Largest Insurer
  • The Cayman Islands Set Sail for Reinsurance Ops
  • Negotiation Is The Job of Claims Professionals
  • Why Claims Professionals Must Take Back Negotiation

Resources

  • Videos / Podcasts
  • Contributors

Popular Topics

  • Boardroom Agenda
  • Technology
  • Financial
  • News

Brand Spotlight

  • Cotality
  • HazardHub
  • 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
© 2025 by Wells Media Group, Inc. Privacy Policy | Terms & Conditions | Site Map