Wells Fargo & Co said on Wednesday that it entered preliminary settlement discus...
A Wells Fargo bank sign is pictured in downtown Los Angeles, California, U.S. August 10, 2017. REUTERS/Mike Blake
In an annual regulatory filing, the bank said it raised the maximum figure it could exceed its legal reserves by as much as $2.7 billion, an increase of $500 million since it last reported the number in November. Wells Fargo has faced a long list of penalties related to a sales scandal beginning in 2015 which initially related to employees in the consumer bank opening millions of accounts in customers’ names without their permission. It has since spread to other bank businesses, from mortgage banking to auto lending.
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