Aug 31, 2017

Wells Fargo identifies more than a million new unauthorized accounts

Matt Rourke / AP

Wells Fargo announced that it has uncovered more than a million additional potentially unauthorized accounts following the completion of an independent investigation review into its sales scandal, per CNBC.

  • Think back: Millions of Wells Fargo customers were encouraged, often unknowingly, to open additional unwanted accounts thanks to pressure on branch sales associates from upper-level management.
  • By the numbers: Originally, the bank had identified 2.1 million unauthorized accounts after a review of 93.5 million total accounts — but the independent investigation turned up 3.5 million unauthorized accounts after reviewing 165 million total accounts.
  • Why it matters: From Warren Buffett, whose company is Wells Fargo's largest shareholder, on CNBC's Squawk Box: "Anytime you put focus on an organization that has hundreds of thousands of people ... you may very well find that it wasn't just the one who misbehaved that you find out about."

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Coronavirus kills 2 Diamond Princess passengers and South Korea sees first death

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. U.S. numbers include Americans extracted from Princess Cruise ship.

Two elderly Diamond Princess passengers have been killed by the novel coronavirus — the first deaths confirmed among the more than 600 infected aboard the cruise ship. South Korea also announced its first death Thursday.

The big picture: COVID-19 has now killed more than 2,200 people and infected over 75,465 others, mostly in mainland China, where the National Health Commission announced 118 new deaths since Thursday.

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SoftBank to cut its stake to get T-Mobile's Sprint deal done

Illustration: Rebecca Zisser/Axios

T-Mobile and Sprint announced a revised merger agreement that will see SoftBank getting a smaller share of the combined company, while most shareholders will receive the previously agreed upon exchange rate. The companies said they hope to get the deal as early as April 1.

Why it matters: The amended deal reflects the decline in Sprint's business, while leaving most shareholders' stake intact and removing another hurdle to the deal's closure.