Wells Fargo has been trying to put its fake accounts scandal behind it since the matter was brought to light last year.
Setting aside $110 million to help aggrieved customers is a good place to start, according to two industry analysts.
Earlier this week, the bank announced the agreement to end a class-action suit over some 2 million accounts that were opened without customers' permission. Wells Fargo already has paid $185 million in fines as part of an agreement with multiple government agencies.
The scandal is "looking smaller in the rearview," analysts Brian Kleinhanzl and Michael Brown at Keefe, Bruyette & Woods said in a research note. "Wells Fargo has resolved another overhang related to the cross-sell scandal and the long-tail of potential negative outcomes is growing shorter."
The practice is called cross-selling because bank representatives enrolled customers into numerous bank products across various lines. Aggressive sales goals pushed Wells Fargo representatives into the practice, and they have since been rescinded.
In addition to some 5,300 employees who were fired after the revelations, multiple top-ranking bank officials also left or were removed. Wells Fargo has been busy trying to rehabilitate its image since the scandal first broke in September 2016.
"This agreement is another step in our journey to make things right with customers and rebuild trust," said Tim Sloan, Wells Fargo's president and CEO, said in a statement. "We want to ensure that each customer impacted by our sales practices issue has every opportunity for remediation, and this agreement presents an additional option."