wells fargoWells Fargo’s Scandal Could End Up Costing Bank $8 Billion


This is a fortune.com article.


When news of Wells Fargo’s phony account scandal first broke, the bank, analysts, and even investors thought it wouldn’t dent earnings.

But as the furor surrounding the opening of some 2 million deposit and credit card accounts without consumer knowledge at Wells Fargo continued to mount, the mega-bank’s reputation began to plummet—and more than a few customers began jumping off the wagon. As a result, Wells could lose as much as $212 billion in deposits and $8 billion in revenue over the next year and a half, according to a study done by consulting firm cg42.

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PiggyBankBlog Courtroom Bailiff: “All Rise! The Honorable Wells Fargo Whistleblower ,Elizabeth Jacobson, has entered the Courtroom of Public Opinion in recent Radio Interview!”