Wells Fargo CFO says accounts scandal won't hit profit much: WSJ
- Wall Street gains, helped by oil, economic data
- Twitter (TWTR) 'Takeover Money' Moves On as 'Trump Money' Moves In
- Buy Any Seasonal Market Weakness Ahead of Year End Rally - Oppenheimer (SPY)
- Unusual 11 Mid-Day Movers 12/5: (NVCN) (BCEI) (MEMP) Higher; (GTXI) (CERC) (HDSN) Lower
- Oil hits 16-month high in buying rush after OPEC agreement
Protestors gather outside the Wells Fargo & Co corporate campus in Manhattan, New York City, U.S., October 6, 2016. REUTERS/Brendan McDermid
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
(Reuters) - Wells Fargo & Co's (NYSE: WFC) chief financial officer said efforts by states to penalize its business over an unauthorized-accounts scandal would not affect third-quarter earnings "much", the Wall Street Journal reported, citing a recording of an internal call.
John Shrewsberry was recorded as saying the bank would only take "some legal set-asides" but publicizing this "might incentivize people to do more, to make it tougher on Wells Fargo ...," the Journal reported. (http://on.wsj.com/2dYxDOY)
The hour-long call with 500 senior Wells Fargo executives took place on Monday and was intended to lay out the bank's strategy to move past the scandal, the newspaper reported.
Wells Fargo representatives were not immediately available for comment.
The bank has been under pressure to show that it is ready to make amends and hold management accountable after government investigations revealed that some of its employees had opened as many as 2 million accounts without customers' knowledge or permission in order to meet sales targets.
Executives were also recorded as saying that growth in Wells Fargo's new retail banking business would likely decline due to the scandal, the Journal reported.
(Reporting by Sruthi Shankar and Nikhil Subba; Editing by Ted Kerr)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- GE Power sees little sales impact if U.S. quits climate deals
- Micron (MU) PT Raised to $25 at Brean Capital; Upbeat on Low Inventories
- Viacom (VIAB) Appoints New Content Distribution EVP
Create E-mail Alert Related CategoriesGeneral News, Management Comments, Reuters
Related EntitiesEarnings, Wells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!