Don’t expect Wells Fargo & Co. to declare a formal end to the scandals that have plagued the bank for the past two years.
“That whole ‘mission accomplished’ thing has failed for other people before,” Chief Financial Officer John Shrewsberry said Wednesday at an industry conference in New York.
While the bank doesn’t expect any more major issues to emerge from its review of business practices, there’s little upside in making blanket statements to that effect, Shrewsberry said.
Wells Fargo has been combing through its businesses since September 2016, when regulators fined the company for setting up millions of possibly fake accounts on behalf of customers who never asked for them.
Chief Executive Officer John Stumpf stepped down the next month, putting current CEO Tim Sloan in charge of the lender’s turnaround efforts.