Regulators fined Wells Fargo in 2016 for creating false accounts for some 2 million customers. In addition to the scandal, which involved a process known as cross-selling, the bank also failed its “living will” test with the Fed. Company CEO Tim Sloan said the company continues to work to rehabilitate its image. “We are leaving no stone unturned so that we can emerge from this a better, stronger company,” Sloan said on a conference call with analysts. Among the big changes the company has outlined and Sloan discussed Friday: Raising the fee reimbursement level to customers from $2.6 million to $3.2 million and raising the minimum wage for employees to up to $17. The company also has eliminated individual sales goals in favor of store-wide standards. “We want to identify anyone who was negatively impacted so we can make things right,” he said. Bank stocks in general received a postelection boost but have struggled lately. Wells shares have fallen 1.1 percent in 2017. Net interest margin for Wells grew to 2.87 percent, just ahead of Wall Street expectations.
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