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Report: Wells Fargo holds strategy meeting with senior execs

's topmanagement acknowledged that hard times are ahead for the company, but said thefinancial impact of the unauthorized accounts scandal has not been as bad aspeople might think, The Wall StreetJournal reported Oct. 11.

The newsoutlet cited a recording it obtained of an hourlong call between Wells Fargo’stop management and 500 of the company's executives. The majority of the agendafocused on the effects of the accounts scandal, as well as the strategy thecompany is and will be employing to move past the effects of the issue.

Accordingto the report, during the call, CFO John Shrewsberry said "the story lineis worse than the economics at this point," adding that other than"some legal set-asides," the company's upcoming third quarter resultswould not be significantly different from previous earnings. He also downplayedthe financial effects of some states' public announcements that business withWells Fargo would be suspended.

However,Shrewsberry also said: "We probably won't broadcast that [minimalfinancial impact] because it might incentivize people to do more, to make ittougher on Wells Fargo."

On damagecontrol, COO Timothy Sloan said a large part of the strategy involves measuringremediation and consumer sentiment towards the bank. To that effect, Chairmanand CEO John Stumpf is keeping in touch with employees through a video andregular memos, and "listening tours" across the country led bycommunity banking head Mary Mack. Sloan also said he himself has conductedmeetings with several business clients from different areas, and the company's investorrelations team has been more proactive in communicating with investors, thepublication reported.

Chief RiskOfficer Mike Loughlin also talked about "Project Duel," an initiativeaimed at improving oversight and controls, clarifying roles andresponsibilities, and decreasing incidents of duplication.