No, you've incompletely identified fraud victims, and as a result have miscalculated the amount fleeced.
The scam goes like this: WF open large numbers of fraudulent accounts, this pumps up some of their customer stats before the fraud is discovered: They get to claim their customers do more business with them, use more of their products, and that they are seeing growth in various areas (more customers using each product). These stats are flaunted to investors, who assumed that the increase in accounts (a leading indicator) would lead to an increase in profits (a lagging indicator).
The investors would then put in money, boosting the stock price.. allowing the executives to sell their stock at inflated prices, allowing WF to raise money for less stock, etc.
WF committed fraud on their customers so that they could pump up their numbers and fleece money from their investors.
Even after the investigations started and they were notified, they hid it from investors for 6 months... the investors found out when the news picked it up.
You're right that this was primarily a scam on investors, the customers were incidental.
Measuring harm to investors is complicated though. Any investors who bought after the fake gains and did not sell before the scam was exposed have been harmed but other investors have actually gained. I would be interested to see a calculation (by someone other than a prosecutor) of this harm.
Unfortunately there is no way of holding "the bank" accountable for that because the punishment for causing investors to lose money is to fine the bank which is owned by those same-(ish) shareholders.
It is more accurate to ignore the existence of the legal entity "WF" and deal only with the natural persons. Employees / executives conspired on a massive scale to defraud the shareholders by collecting undeserved incentive payments and realising artificial gains on any stocks they sold. Some investors benefits and some lost out depending on timing of purchase and sales of the stock. A small number of customers suffered miniscule and temporary incidental harm to credit scores and an even smaller number suffered actual cash harm through paying account fees for accounts they did not ask for.
The scam goes like this: WF open large numbers of fraudulent accounts, this pumps up some of their customer stats before the fraud is discovered: They get to claim their customers do more business with them, use more of their products, and that they are seeing growth in various areas (more customers using each product). These stats are flaunted to investors, who assumed that the increase in accounts (a leading indicator) would lead to an increase in profits (a lagging indicator).
The investors would then put in money, boosting the stock price.. allowing the executives to sell their stock at inflated prices, allowing WF to raise money for less stock, etc.
WF committed fraud on their customers so that they could pump up their numbers and fleece money from their investors.
Even after the investigations started and they were notified, they hid it from investors for 6 months... the investors found out when the news picked it up.
The damage they've caused was much more than $3B.