Already tasked with fixing Wells Fargo's scandal-plagued retail bank, Mary Mack has added a second big job: running a consumer lending operation that is dealing with reputational issues of its own.
One year after the San Francisco megabank paid $190 million in fines and restitution after it opened millions of unauthorized accounts, Wells remains mired in scandal. Why hasn't the firm been able to recover?
Wells Fargo said Thursday that employees opened 3.5 million potentially unauthorized consumer accounts over a nearly eight-year period, a 67% increase from its earlier estimate.
The goal, according to Wells Fargo's head of community banking, is to focus on how customers are treated rather than how many products they buy as well as create a consistent approach to the megabank's sprawling branch network.
Executives at the embattled bank made clear Thursday that they are not discarding its long-standing strategy of selling additional products to existing customers.
