What the Fake-Account Scandal Could Cost Wells Fargo

The transcript discusses the ongoing issues and potential penalties faced by Wells Fargo due to the creation of unauthorized accounts. It highlights the uncertainty in the final cost of these penalties, with current settlements and remediation efforts in place. The discussion also covers the historical context of the issue, dating back to 2002, and the challenges in reviewing older data due to quality concerns. The merger with Wachovia in 2009 is noted as a significant point in the timeline, influencing the scope of the review.

Why did the review process not go back to 2002 according to Tim Sloan?

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What was the reason given for choosing 2009 as the starting point for the review?

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