Wells Fargo Would Owe Deceived Customers Less Than $50 Million: GoldmanBy
Wells Fargo & Co. faces potential damages of less than $50 million if it were to reimburse customers whose credit scores were harmed by the bank opening unauthorized accounts in their names, according to Goldman Sachs Group Inc. analysts.
The issue of reimbursement came up during Tuesday’s Senate Banking Committee hearing, when lawmakers including Jon Tester grilled Wells Fargo Chief Executive Officer John Stumpf about the possible ripple effects of unauthorized accounts that bank employees set up to help meet sales goals. About 565,000 of the 2 million potentially bogus accounts were for credit cards, and would have been reported to credit-rating companies…
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