Wells Fargo's (WFC) CFO Departure Still Generating Questions

Wells Fargo (NYSE:WFC) is caught up in drama no company would want, as the sudden and relatively unexplained departure of CFO Howard Atkins is generating more concerns and questions than answers.

From the beginning of Atkins leaving the company, Wells has asserted it was for personal reasons, and nothing else.

Chris Whelan, of Institutional Risk Analytics, has said there were executives within Wells Fargo that are concerned over the methods the giant bank is using in accounting and disclosure, and that they have in fact contacted regulators concerning the situation.

TheStreet also reported there had been confrontations between Atkins and CEO John Stumpf which possibly left to his leaving, although there has been no confirmation it was connected to accounting issues.

Wells will be filing its 10-K annual report by the end of February, and Atkins hasn't signed off on it, although his replacement, Tim Sloan, will.

Possibly the worst case scenario in this case, even if there are no legs to the story, is the SEC may feel compelled to investigate, which could weigh on Wells Fargo for an extended period of time, and cast a shadow on its integrity.

Wells Fargo was trading at $32.44, down $0.51, or 1.55 percent, as of 1:39 PM EST.