Wells Fargo shares fell Friday after a filing with the U.S. Securities and Exchange Commission showed a new review of the bank's consumer sales scandal could reveal a "significant increase" in unauthorized accounts.
"We expect that our review of the expanded time periods ... may lead to a significant increase in the identified number of potentially unauthorized accounts," the firm said in the filing. "However, we do not expect any incremental customer remediation costs as a result of these efforts to have a significant financial impact on the Company."
Wells Fargo said in the filing it expects legal costs could exceed what it has already set aside by $3.3 billion.
Shares closed 1 percent lower Friday.
Wells Fargo one-day performance
The bank, once considered the most upstanding of America's financial giants, has been plagued by scandal in the last year.
Last fall, the bank paid $185 million in penalties after it was discovered workers had opened about 2 million consumer deposit and credit card accounts without customers' authorization since 2011. The workers were trying to meet aggressive sales goals, a practice the bank has since abandoned after clearing out top managers deemed responsible for the problems.
Then in late July, news broke that hundreds of thousands of Wells Fargo customers were charged for auto insurance they did not need. The bank said on July 27 it plans to give about 570,000 customers a total $80 million for damages starting in August 2017.
The Consumer Financial Protection Bureau (CFPB) has also begun an investigation into whether customers were affected by Wells Fargo's freezing and, in many cases, closing, of consumer deposit accounts, the filing said.
"To regain the trust we have lost, we must continue to be transparent with all our stakeholders and go beyond what has been asked of us by our regulators by reviewing all of our operations —leaving no stone unturned — so we can be confident we have done all that we can do to build a better, stronger Wells Fargo," CEO Tim Sloan, who took the position in the wake of the sales scandal, said in a separate press release Friday.