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Former Wells Fargo CEO barred from banking industry, fined $17.5m

January 24, 2020


Seven other former Wells Fargo executives were reprimanded by the Office of the Comptroller of the Currency (OCC), tallying fines with Stumpf which collectively come to at least $59 million.

Stumpf agreed to his settlement alongside two other executives, having led the bank back when employees opened 3.5 million fake accounts to meet sales targets for its consumer-facing community bank. This, paired with a combination of retail banking issues, resulted in a big fallout with US regulators.

Total penalties relating to the fake accounts scandal and more generally the “the bank’s systemic sales practices misconduct” amount to nearly $1.4 billion, according to Forbes.

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