Wells Fargo Warns More Bogus Accounts May Be Uncovered

The video discusses Wells Fargo's ongoing investigation into unauthorized accounts, revealing that the bank is expanding its timeline and methods for identifying affected accounts. The potential for additional fines and regulatory involvement is considered, though deemed unlikely. Accountability measures have been implemented for eight executives, including withholding bonuses. The scandal has significantly impacted Wells Fargo's reputation, with a decline in new account openings and customer retention issues.

What action did Wells Fargo take regarding their timeline for investigating accounts?

• They expanded the timeline.

• They kept the timeline the same.

• They shortened the timeline.

• They eliminated the timeline.

What is the likelihood of the CFPB imposing additional fines on Wells Fargo?

• Unlikely

• Highly likely

• Certain

• Somewhat likely

What consequence did eight executives at Wells Fargo face due to the scandal?

• They received cash bonuses.

• They did not receive cash bonuses.

• They were promoted.

• They were fired.

How did the scandal affect Wells Fargo's reputation?

• It made them the most trusted bank.

• It improved their reputation.

• It damaged their reputation.

• It had no effect on their reputation.

What trend has Wells Fargo observed in new account openings post-scandal?

• A decrease in new accounts

• An increase in new accounts

• No change in new accounts

• A rapid increase followed by a decrease