Wells Fargo is "growing at a slower rate" in the wake of the fake accounts scandal and it could take a bit more time for that expansion to pick up, the company's chief financial officer, John Shrewsberry, told CNBC on Friday.
The bank was fined in 2016 for creating false accounts for about 2 million customers, and it is now rolling out a new program that is more customer-based than sales-oriented.
"It could take another quarter or two before people really understand it, before they're well-trained and before we see what impact that has on dealing with new customers who are shopping for a new bank or looking for a new banking product," Shrewsberry said in an interview with "Closing Bell."
"I wouldn't expect a pivot right now. The rate of growth may still be a little bit lower but again these are rates of growth off of huge bases of customers. We have … more than 20 million primary checking customers and we are still growing," he added.