Wells Fargo: Third party review of customer accounts 'ongoing'
On slides being presented on its earnings conference call, Wells Fargo said digital active customers of 28.9M increased slightly linked-quarter and were up 4% y/y. Says mobile active customers surpassed 22M, up 1% LQ and 8% y/y, continuing to exceed desktop active customers. Says accrued $114M in Q2 to refund customers that may have been overcharged at any time during the past seven years. Added that "the third party review of customer accounts is ongoing to determine the extent of any additional necessary remediation, including with respect to additional accounts not yet reviewed." In Q2, Wells Fargo also accrued additional amounts for remediation related to past practices in its automobile lending business, including insurance related products, and mortgage interest rate lock extensions. "We believe remediation for the mortgage interest rate lock matter is now substantially complete," it said.