Wells Fargo's sales practice scandal weighed on the bank's earnings but its chief financial officer thinks the decline in new account openings may have hit an inflection point.
"It might have bottomed in December or January. We'll know more with the passage of time, but it stands to reason because we've rolled out a new method of doing business for our people in the branches," John Shrewsberry said in an interview with CNBC's "Closing Bell" on Thursday.
"Too early to declare victory but certainly the direction looks good," he added.
Wells Fargo shares closed down more than 3 percent on Thursday after reporting flat first-quarter earnings before the bell.
Shrewsberry, a member of the CNBC Global CFO Council, called the bank's overall performance "very solid" but acknowledged that expenses were higher because of the fallout over the opening of unauthorized accounts.
"We've got a lot of outside parties that we've invited in to do work, make investigations and give us recommendations about how to improve ourselves," he said. "That weighed on things to the tune of about $80 million in the quarter."