Wells Fargo says the expenses related to its fake-accounts scandal will be greater than expected. Laura Keller at Bloomberg reports:
Wells Fargo & Co.’s costs … are mounting faster than the bank expected as the company incurs expenses for consultants and lawyers.
“Of course it’s having an impact on the performance of the company,” said Chief Executive Officer Tim Sloan. “When you step back and you look at how serious the retail sales-practice issues were, and the reputational impact on the company, you can only reach that conclusion.”