Wells Fargo (WFC) Denies There Were Internal Battles Over Accounting Concerns

Concerns over the reasons behind the departure of Wells Fargo's CFO Howard Atkins continues to weigh on the giant financial institution, as some believe personal reasons weren't the real reason he left, or at least, not the only reason.

The alleged issue was raised by Christopher Whalen of bank-industry research firm IRA Advisory Service, who claimed Atkins left because of an internal battle over financial disclosure in relationship to the Sarbanes-Oxley Act, where he is required to sign off on the numbers.

In an interview with MarketWatch, Wells Fargo spokesman Oscar Suris said, “Any assertion that our CFO succession had to do with conflicts over our financial condition or the integrity of our disclosures or financial controls is just completely untrue.”

Suris added that later in February the annual report required by the SEC will be filed, and included will be all the certifications to meet Sarbanes-Oxley demands.

Wells Fargo closed Wednesday at $33.30, falling $0.38, or 1.13 percent.