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.
