Wells Fargo quashes hope scandals nearly resolved

The firm has yet to reach settlements with the U.S. Department of Justice and the Securities and Exchange Commission after setting aside more than $3 billion for litigation in the second half of last year.

NEW YORK: Wells Fargo & Co.’s finance chief was promising analysts they would be kept abreast of the bank’s efforts to resolve scandals when his new boss chimed in.

"I just want to be clear, I’m not suggesting here that any of these public issues will be closed this year, ” Chief Executive Officer Charlie Scharf said earlier this month. "The time frames will be driven by when we accomplish that work and when the regulators are satisfied by it.”